According to on-chain data, a whale at address 0x26aeaf50b8595729fcb9e72836ed7e2adb853c74 liquidated $B Token on the evening of the 23rd. This event was rumored by some media and KOLs as the Trump family's DeFi project World Liberty Fi liquidating $B Token. This caused the $B Token to drop by about 14% within an hour at 19:00 in the UTC+8 time zone on the 23rd. However, after the community discovered that the WLFI token liquidation was fake news, the price quickly recovered.
Table of Contents
ToggleBNB Chain's Strategy: $B and WLFI Collaboration Breaks Through $100 Million Market Value
$B (BUILDon) was launched on Four.meme in April, with a narrative of being a mascot for the BNB ecosystem. Initially with low attention, veteran chain players later discovered this coin was actually a strategy on the BNB chain. On May 15th, BUILDon officially announced adding a $B/$USD1 trading pair. From then, $B's narrative became the first meme coin to collaborate with $USD1, and subsequently BUILDon co-hosted a trading competition with Four.meme with prizes reaching $200,000.
On May 22nd, World Liberty Fi's official Twitter posted that they would buy $B Token. The address marked as WLFI on Arkham also holds about 630,000 $B Tokens. This news caused $B's price to surge 271% briefly.
Trump Project's Fake News of $B Liquidation Spreads Quickly
The address 0x26aeaf50b8595729fcb9e72836ed7e2adb853c74 followed up by buying 3.32 million $B Tokens within an hour after WLFI's purchase. However, when this address liquidated $B Tokens on the evening of the 23rd, it was rumored by some media and KOLs as the Trump family's DeFi project World Liberty Fi liquidating $B Tokens.
From on-chain records, the two addresses have no fund intersection, making it difficult to link them. For KOLs or media, the value of breaking news is speed. However, for those spreading the news, verifying the accuracy of information through due diligence remains necessary. After all, spreading rumors is easy, but debunking them takes effort.
Risk Warning
Cryptocurrency investment carries high risk, with potentially significant price volatility. You may lose all your principal. Please carefully assess the risks.
In the Cetus theft incident, Sui offered a $5 million bounty to those who could provide information about the hackers. However, blockchain detective ZachXBT had strong opinions about the bounty structure. He pointed out that the victims initially bore no risk, while those trying to help must risk their time and effort. He considered this unbalanced and agreed that the team's bounty conditions were merely a show to make the public think they were taking action without actually intending to pay.
Table of Contents
ToggleCurrent Bounty System is Unfair to Case Solvers
ZachXBT stated that only paying $5 million upon successful case resolution is a bad deal, as no company with case-solving capabilities would accept such a fee structure. The author added that case solvers need to spend significant time finding clues, which is just part of the time and effort cost. This does not guarantee success, but only successful resolution gets the bounty, meaning case solvers have a high probability of wasted time and effort.
ZachXBT noted that essentially, victims initially bear no risk, while those trying to help must risk their time and effort. He considered this unbalanced and pointed out that these vague "bounties" are detrimental to the industry, making teams appear active while actually providing no incentive for capable individuals.
Fair Compensation Structure Should Include Hourly Fees and Percentage Incentives for Recovered Funds
He suggested that a fair compensation structure should include hourly fees for time invested and a percentage incentive based on successful outcomes (the method used by top companies). He also highlighted other factors showing these bounties are unfair, such as what happens if the attacker is in a jurisdiction difficult for law enforcement, or if law enforcement fails to recover all funds during arrest.
Someone below also suggests that this bounty looks good, but is actually impractical. Compared to experts who track and investigate vulnerabilities, the team does not take any risks. Those 5 million dollars are just meant to fool the audience. In fact, they do not intend to actually give out this money. ZachXBT also agrees with this.
Risk Warning
Cryptocurrency investment carries high risks, and its price may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
