Original Title: "From 'Evangelist' to 'Harvester': Galaxy's Art of 'Pump and Dump'"

Original Author: Daii

In the world of cryptocurrency, the distance between an 'Evangelist' and a 'Harvester' is often just a nearly invisible line.

This line is called 'Trust'.

The Evangelist we are going to talk about today is Mike Novogratz, a former Goldman Sachs partner, New York Fed advisor, and now the founder and CEO of Galaxy Digital. With unparalleled passion and unwavering belief, he has spread the vision of cryptocurrency to the world in various ways, becoming an undeniable voice in the industry.

Galaxy Digital, acclaimed as 'Wall Street's most crypto-savvy institution,' not only manages billions of dollars in assets but also enjoys a high reputation throughout the crypto industry. Countless investors have unreservedly put their trust in Novogratz and Galaxy, dreaming of seizing the opportunity of the era and becoming one of the lucky ones.

However, sometimes 'Trust' becomes a deadly trap.

The story we are about to tell should have been shared with you last week, but the sudden U.S.-China trade war forced us to temporarily air an episode on the dissolution of the U.S. dollar hegemony and the rise of decentralized stablecoins. Although those grand narratives concern the global landscape, for ordinary investors, today's story may be even more crucial.

If you have ever suffered a total loss in Luna's investment, there is no need to blame yourself excessively. It is not because you lack judgment, nor is it because Luna was destined to fail from the beginning. The reason is that you simply didn't know that the person who encouraged you to 'hold onto your faith' every day had quietly unloaded his chips when you bought in at a high.

What you need to be more vigilant about is that such harvesting plays never end, just changing scenes and actors. Behind almost every 'faith celebration,' countless retail investors have paid the price for a small group of people's precisely calculated exit strategies.

You may feel angry and may even try to seek justice. However, the harsh reality is that unless you can clearly prove the fraudulent intent of these KOLs (Key Opinion Leaders) or institutions, the losses you suffer are almost impossible to recover.

Due to the high legal threshold for defining fraud, you must provide sufficient evidence to prove that the other party not only knew about the project's significant risks or false information but also harbored explicit malicious intent, deliberately misled you to enter, making it easier for them to cash out at a high point.

However, reality is always more complex than theory. KOLs cleverly avoid the legal red line; what they say is always ambiguously optimistic, emphasizing "great potential," "personal opinions only, not investment advice." As long as their language is vague enough and their offloading actions subtle enough, convicting them is nearly an impossible task.

This is the thickest fig leaf for KOL-style harvesting—difficult-to-prove motive and subjective evidence.

But you must be curious: if it's so hard to be caught, why did Galaxy's CEO Mike Novogratz still end up "crashing"?

At this point, we must mention a key figure—the New York State Attorney General—and a special law, the "Martin Act." It is precisely because of this law, or more accurately, the existence of this statute, that the New York State Attorney General can conduct an investigation without having to prove explicit fraudulent intent, uncovering the sophisticated scams hidden behind "belief." Galaxy was the first to be caught, but it will certainly not be the last. We have had a very detailed introduction to the Martin Act, the law that once fined the Trump Organization $450 million and is now targeting the crypto industry.

After reading the New York State Attorney General's office's 44-page document, I couldn't help but marvel: without the constraint of the so-called "harshest securities law in the U.S.," there would be no in-depth investigation by the New York State Attorney General. We might never have known that behind the collapse of the $40 billion Luna bubble lay such a sophisticated and cunning institutional offloading script.

I hope that today's article is not just a roller-coaster financial story for you but also a warning to keep your distance from KOLs and institutions.

Next, let's first figure out how Galaxy got involved with LUNA.

1. How Did Galaxy "Connect" with Luna?

Before we delve into this thrilling "offloading story," we must first understand a key player—Galaxy's background.

1.1 Who Is Galaxy?

Galaxy Digital, full name Galaxy Digital Holdings Ltd., registered in the Cayman Islands, with its business headquarters in New York, was founded by a Wall Street veteran who has been in the game for decades: Mike Novogratz.

Who is he? A former Goldman Sachs partner, a former member of the New York Fed's Investment Advisory Committee, he has been involved in Bitcoin as early as 2013, and is one of the earliest "institutional believers" openly supporting crypto assets. The discussions you've seen on CNBC, Bloomberg, Financial Times about the "future of Bitcoin" most likely revolve around his name.

In 2018, he founded Galaxy, which manages over $5 billion in assets through its 123 global subsidiaries covering market making, venture capital, trading, custody, research... almost like a "Morgan Stanley of the crypto world."

In other words, if this industry needs a "most Wall Street-like" representative, it must be Galaxy. Obviously, Galaxy is the best partner for Luna, without a doubt.

1.2 What Is Luna?

Now let's get to know the other key character in the story: Luna.

Luna is a cryptocurrency issued by Terraform Labs in 2018. This project was founded by South Korean Do Kwon, registered in Singapore, with the core goal of creating an "algorithmic stablecoin + native token" dual-coin system.

This ecosystem consists of several parts:

· Terra Blockchain: The underlying ledger on which transactions occur;

· Luna: The platform's native token used for governance, staking, and regulating stablecoin supply and demand;

· TerraUSD (UST) and TerraKRW: The so-called "stablecoins," claiming to be pegged to the US dollar and the Korean won;

· CHAI: A Korean payment app used to promote "real-world usage scenarios."

Sounds fascinating, right? But the problem is: its "stability mechanism" entirely relies on market behavior, and once UST deviates from its peg, Luna could spiral into a "death spiral." UST is essentially an algorithmic stablecoin, and there has yet to be a successful case. The previous issue "Tariffs are the Knife, Currency the Shield" provides a more detailed analysis of stablecoins which you can check out.

You need to pay attention to the CHAI payment system mentioned above, which is a bit similar to China's Alipay and the United States' PayPal. Do Kwon is a co-founder of CHAI. It is precisely because of the existence of this real-world connection point that Galaxy has a key element to pump up Luna.

In plain terms: Behind Luna is an innovative financial engineering project with the potential for success, but a greater potential for failure. However, Do Kwon believes that this story is already fascinating enough. He needs to find a "Western advocate" to help him tell this story to Americans.

1.3 "Destiny": The Transaction Script of Western Advocacy

Fast forward to the year 2020, Do Kwon understood that relying solely on Korean speculators and a whitepaper is far from enough to make Luna go viral. He needed to raise awareness in the Western market and secure a "trustworthy" brand endorsement. So, they turned to Galaxy.

In August 2020, Terraform extended an olive branch to Galaxy, proposing a transactional deal: Terraform hoped that Galaxy would act as their advocate. As long as Galaxy's CEO was willing to publicly promote Luna, we could offer you better investment terms.

Internally, Galaxy immediately began discussions. They had long been aware of Terraform's technology and realized that this project had significant capital needs. On October 27, 2020, the two parties finalized the deal as shown in the image below:

Galaxy invested $4 million at a discounted price of $0.22 per Luna, acquiring 18.51 million Luna tokens. The tokens would unlock monthly at a 1/12 rate, allowing them to be sold at will.

Note: At the time, the market price was $0.31 per Luna. Galaxy received a 30% discount and was not subject to a lock-up period. This was not just a "good deal"; it was a transaction right earned through endorsement, publicity, and platforming.

The hidden rule behind this was: As long as you are willing to "say something positive," we will let you "unlock quicker." Galaxy accepted all of this, even writing in an internal memo that Terraform had no visibility in the U.S. market and it would take our endorsement for people to trust its economic activities as genuine, as detailed in the text within the red box in the image below.

Therefore, starting from November 2020, Galaxy began to systematically "mention" Luna in podcasts, on Twitter, and in interviews. As a result, the price started to rise, and the trading volume rapidly expanded. This rhythm continued for a whole year.

1.4 Summary: Money Talks

The connection between Galaxy and Luna was not due to "ideological alignment" or "technological leadership," but rather a thorough "business deal":

· Terraform provided discounts and unlocking privileges;

· Galaxy provided traffic, trust, and packaging;

· Both parties reached implicit consensus: you take care of making plays, I'll take care of calling the shots, and let's keep it hush-hush.

In terms of outcomes, this "partnership" was very successful:

· Luna's price surged from $0.31 to a high of $119;

· Galaxy made profits of over a billion dollars;

· Retail investors bought in at the peak, only to later fall into a "death spiral."

Essentially, this was a typical "pump and dump scheme." However, it did not violate traditional securities laws, which is why many key opinion leaders (KOL) defended Galaxy. But in the face of the Martin Act, this was unequivocally fraud because of the contradictory actions—pumping up while offloading positions. This constitutes market manipulation and is illegal.

It was for this reason that Galaxy was willing to pay a $200 million settlement to obtain an "assurance of discontinuance" from the New York Attorney General's investigation, as shown in the image below.

To dissect Galaxy's pump and dump strategy, I carefully reviewed this 44-page document. Below, I will break it down for you step by step.

2. How Did Galaxy Pump and Dump?

Next, we will uncover how Galaxy engaged in the "faith" of pumping while precisely selling off chips in the "art of dumping." Before delving into the detailed analysis of this lamentable story, I must objectively speak a few words of fairness for Galaxy and Mike Novogratz, lest you mistakenly think Novogratz is just a "scoundrel."

You may not know that as early as 2013, when the entire Wall Street was collectively mocking Bitcoin, Novogratz had already wholeheartedly immersed himself in it. Not only did he publicly buy Bitcoin, but he also publicly expressed optimism about crypto assets in mainstream financial media, supporting this "financial revolution." More precisely, in 2013, he predicted a significant increase in Bitcoin's price and in 2014, he crowdfunded an Ethereum project that was still in its infancy. He once stated that 20% of his net worth was invested in Bitcoin and Ethereum, which was deemed outrageous in the conservative and cautious Wall Street circle at the time.

By 2024, Galaxy's publicly invested projects reached as many as 72, covering top crypto projects such as Polygon, Bitfarms, and Celestia, with a total investment of billions of dollars. Although Circle (the issuer of USDC) and Bitwise (a crypto ETF issuer) did not directly disclose Galaxy's investment records, Galaxy's active participation in ecosystem collaboration and advisory services still contributed significantly to the overall ecosystem development of the crypto industry.

In other words, the ability to buy coins on Coinbase today, transfer using the USDC stablecoin, and get an Ethereum ETF approved is indeed closely tied to the early-stage market contributions made by Galaxy during times of uncertainty. Galaxy is not a so-called "harvesting external capital" entity but a true "old-school player" who has long accompanied the industry's growth.

This is also the lamentable reason behind the "offloading event" we are going to expose today. Because of Galaxy's long-standing market reputation and resource advantage, they could have chosen a more transparent and legitimate way to profit instead of getting caught up in the now infamous "gray offloading" quagmire.

Unfortunately, Galaxy eventually succumbed to temptation. They fell into a trap of their own making and opted for such a clever yet unethical profit-making method—pump and dump.

Next, I will provide a detailed breakdown of how Galaxy manipulated market sentiment step by step and expertly carried out the offloading cash-out.

2.1 Testing the Waters: The First Attempt at "Pump and Dump Offloading"

The story begins in late 2020.

The agreement signed by Galaxy allowed for unlocking 1/12 of the Luna every month. Novogratz, as a Wall Street veteran, naturally understood that the most effective way to make quick money was to "shill and sell simultaneously."

On November 11, 2020, even before Galaxy had received the first batch of Luna, Novogratz was already impatiently starting to shill for Luna. On the popular podcast Nugget's News, he told the audience that he had recently bought a bunch of Luna, calling it a South Korean payment company somewhat like a credit card company, where users could get discounts using it. See the image below. In reality, this was completely untrue, as Luna had no real-world utility.

A few days later on November 14, a netizen asked on Twitter: Hey man, can you recommend a coin? Novogratz immediately replied: $luna. See the image below.

Entering December, Novogratz tweeted that the Korean payment app Chai has reached 80,000 daily active users, $LUNA has great potential! As a result, Luna's daily trading volume surged from $27.5 million to $69 million on the same day, igniting market enthusiasm.

On that same day, Galaxy received the first batch of unlocked Luna: over 1.54 million tokens. This "decent" Wall Street old-timer told the internal team not to rush to sell. His rule is not to sell within 3 days after tweeting positive news.

On December 16 and 17, two weeks later, Galaxy sold off all of this Luna at a price ranging from $0.50 to $0.52 per token, perfectly concluding the first "shout-out and sell-off."

Going back to the "no sell-off within 3 days of pumping" strategy mentioned earlier, it sounds quite particular, doesn't it? However, even this self-imposed rule was not well executed. In the face of a money tsunami, everything seems so fragile.

2.2 Battle to Break Even: Bloomberg's Divine Intervention

Galaxy was clearly addicted to the "shout-out and sell-off" strategy. But to quickly achieve profitable breakeven, they needed a bigger stage. This time, they targeted the mainstream financial media—Bloomberg.

In January 2021, Galaxy proactively contacted Bloomberg and provided a press release containing false data, claiming:

Terra now has the third-highest number of transactions of all blockchains (after BTC and Ethereum) and is generating $13 million in fees annually. Terra KRW today powers CHAI, one of the largest e-commerce wallets in Korea, which hosts over 2 million users and generates $1.2 billion in annualized transaction volume.

Translation: Terra has become the world's third-largest blockchain by transaction volume, following only Bitcoin and Ethereum, generating $13 million in annual fee revenue. Terra's Korean won stablecoin (TerraKRW) powers one of South Korea’s largest e-commerce wallets, CHAI, with 2 million users and an annual transaction volume of $1.2 billion.

However, the truth is that Chai's transactions have nothing to do with the Terra blockchain; all payments are still in Korean won and have no connection to Luna and TerraKRW. So why did Galaxy and Terra have to deceive and use Chai as a prop? Because without Chai as a backing, this story lacks imagination.

On January 26, 2021, Bloomberg published a headline titled "Novogratz Invests in Crypto Startup Serving Millions in Korea," causing Luna's price to surge from $0.89 to $1.23.

CoinTelegraph reported with the title "LUNA doubles in price after $25 million investment by Galaxy Digital," triggering a frenzy of buying in the market.

A few days after the Bloomberg report, Galaxy made another move, selling over 1.54 million Luna on January 30, 2021, at a price as high as $1.47 per Luna. At this point, Galaxy had successfully recouped the initial $4 million investment.

This battle was fought cleanly and clearly, truly exemplifying the "art of selling off."

2.3 Escalation: The Combination of Tattoos and False Data

After recouping their investment, Galaxy became even more brazen. They began pulling out all the stops.

In March 2021, Novogratz tweeted: "If Luna reaches $100, I will get a Luna tattoo!" This direct and personal commitment quickly caused a stir in the industry.

Meanwhile, Novogratz continues to blur the relationship between Chai and Terra, repeatedly giving people the mistaken impression that the Terra blockchain has a strong real-world use case. For example:

On April 26, 2021, Novogratz stated in a podcast: "6% of South Korea's payments are already using Chai."

On May 21, he further exaggerated: "7%-8% of South Korea's payments are now conducted through Chai on the blockchain."

On June 22, he claimed: "8% of South Korea's payments are exclusively using Chai for payments."

On September 13, during his speech at the Barclays Global Financial Summit, he said, "Currently, 9% of payments are being done through the Luna blockchain."

However, in reality, Chai accounts for less than 1% of South Korea's total transaction volume, and Chai is not even supported by the Terra blockchain, let alone having any relationship with Luna. This data is completely false, but the effect is immediate—after each statement, the price of Luna soars, and Galaxy consistently takes advantage of this by selling off chips:

In early May 2021, selling 1.3 million Luna at a peak price of $18.60 per token;

On June 4, selling nearly 1.79 million Luna at an average price of around $6.91 per token;

In early August, once again selling 1.61 million Luna at prices ranging from $12.19 to $14.79 per token.

By Christmas Eve on December 24, 2021, Luna had truly surged to $100! Novogratz kept his promise, sharing a photo of the Luna tattoo on his arm, igniting a frenzy on social media.

However, the Galaxy, with tattoos still fresh, showed no signs of stopping. On Christmas Day, they began selling Luna at $96.96. In early January 2022, Galaxy continued to sell large amounts at around $90, cashing out millions of dollars.

Can you imagine? As Novogratz posted that arm tattoo photo, behind the scenes, traders were rapidly hitting their keyboards, frantically dumping Luna chips into the overheated market.

2.4 The Final Frenzy: Preaching "Keep the faith" While Massive Selling Continues

At the beginning of the New Year 2022, Galaxy and Novogratz started to play out the final madness.

On January 5th, as Luna slipped from a high of 100 USD to around 80 USD and market sentiment began to waver, Novogratz made another appearance. He reassured anxious investors on Twitter: After a market surge, there will always be a consolidation, and 100 USD is just a symbolic number. Be patient, Luna will definitely rise. Keep the faith!

The famous phrase "Keep the faith" seemed like a powerful stimulant, reigniting hope among tens of thousands of Luna hodlers. However, at the same time, a completely different scene was unfolding in Galaxy's trading room:

On January 5th, Galaxy aggressively sold over 160,000 Luna coins in the price range of 77.51-84.80 USD, cashing out approximately 13.58 million USD on that day;

Then, in the two days from January 6th to January 7th, Galaxy once again unhesitatingly sold over 520,000 Luna coins, with a total amount close to 40 million USD;

From January 10th to January 13th, in just four days, Galaxy again sold nearly 680,000 Luna coins, cashing out over 50 million USD.

Amid Novogratz's passionate "Keep the faith" voice, in just one week, Galaxy had quietly sold over 1.3 million Luna coins, totaling a whopping 104 million USD in cash-out! Meanwhile, they did not disclose any selling activity to the public, still maintaining their image of being "faith-blessed".

An even more absurd scene occurred on January 15th. When Luna fell to around 87 USD, Novogratz humorously retweeted the "Viejo Lobo" (Spanish for Old Wolf) image on Twitter, jokingly suggesting his position in the Luna community as if implying he was an experienced old wolf, sitting steadily on the fishing platform.

However, just an hour and a half after posting the tweet, Galaxy swiftly sold 13,276 Luna coins, accurately capturing a brief rebound and cashing out 1.15 million USD. In the following week, Galaxy went almost crazy selling over 1.1 million Luna coins, driving the price down from 69 USD to 48 USD.

Nevertheless, Novogratz still loudly proclaimed "Keep the faith," encouraging followers to hodl as if this were just a normal market correction.

2.5 Summary: After the Party, The Clean-up

Galaxy and Novogratz's final frenzy on Luna perfectly exemplified the art of institutional offloading. On the surface, they always played the role of loyal crypto evangelists, inspiring people with cries of "faith," and even went so far as to tattoo the Luna totem on their arms. However, behind the spotlight, they carefully orchestrated a large-scale and sustained sell-off of Luna until their positions were almost emptied.

The endgame of this scheme was inevitable. On May 9, 2022, when TerraUSD (UST) collapsed completely, triggering Luna's death spiral, Luna's price plummeted from $65 to $0.004 in just three days, wiping out its $40 billion market cap. But by this time, Galaxy had already exited unscathed, with only 2060 Luna left on their balance sheet, worth less than $10.

Now, it's our turn to reflect.

3. Can You Escape This Scam?

After watching Galaxy's rollercoaster pump-and-dump story, perhaps an urgent question has already arisen in your heart: If I were a bit smarter, a bit more cautious, could I have escaped this scam?

To seriously answer this question, we must take an objective attitude, based on facts and data, to gradually unravel the clues hidden behind this type of scam and determine what advantages and disadvantages ordinary investors actually have. Next, we will deeply analyze from the perspectives of why you can and why you can't.

3.1 Why You Can?

Indeed, if you can remain vigilant enough, possess enough common sense and patience, it is entirely possible to escape Galaxy's meticulously woven "pump-and-dump" scam.

First, Traces of Exaggerated Data

A careful investor who does a little homework can detect that the data used by Galaxy and Novogratz in their promotions contains severe exaggerations or even falsehoods.

For example, Novogratz has repeatedly emphasized

In April 2021, 6% of South Korean payments were processed through Chai.

By May 21, this number had increased to 7%-8%.

By September, Novogratz boldly claimed that 9% of South Korean payments were all conducted using the Luna blockchain.

But what do the actual data reveal? According to official Chai data (which can be accessed through channels like Chaiscan), Chai's payment transaction volume has consistently accounted for less than 1% of the South Korean payment market. Furthermore, Chai has never actually settled transactions using Terra's blockchain.

If you take a closer look at Chaiscan data, you'll quickly realize that these so-called strong use cases are merely speculative. In other words, with a bit of scrutiny, it's easy to uncover significant data discrepancies and misleading elements in Galaxy's marketing hype.

Second, Clear Signs of Long-Term Sell-Offs

Another critical clue to identify a scam is the market performance following each of Galaxy's public pump announcements. Let's take December 3, 2020, as an example, when Novogratz tweeted that Chai had 80,000 daily active users. The same day, Luna's trading volume surged from $27.5 million to $69 million. However, just two weeks later, Galaxy swiftly unloaded its initial batch of Luna, mostly around $0.50, executing a rapid sell-off.

For instance, on January 30, 2021, shortly after Bloomberg reported Galaxy's investment in Luna, Galaxy once again rapidly sold off 1.54 million Luna. This pattern of selling coinciding with positive announcements repeats every month. By observing on-chain data or Luna's circulating supply, you can distinctly see these large-scale sell-offs, indicating a structured selling intent by the manipulators behind the scenes.

Third, Overly Exaggerated Personal Endorsements

The third signal to help you avoid a scam is Novogratz's overly exaggerated personal endorsements. Novogratz stated: When Luna reaches $100, he will get a Luna tattoo! While such personal commitments can certainly create sentiment, they are also so exaggerated and conspicuous that they inadvertently expose the manipulators' urgent desire to influence market sentiment.

A truly professional investor or institutional investor usually will not make such explicit market commitments in a public setting. When the market experiences such dramatic commitments or overly extreme pump calls, cautious investors should remain vigilant, avoiding blindly following the trend.

3.2 Why Not?

However, aside from rational analysis, we must also acknowledge that for the vast majority of ordinary investors, evading scams at Galaxy's high level and structured scheme is actually extremely difficult, if not nearly impossible.

First, the authority effect of institutions is too strong

Galaxy Digital's CEO Mike Novogratz himself is a legendary figure in the crypto market. Having been a partner at Goldman Sachs, he has long appeared on top financial media outlets such as CNBC and Bloomberg. In addition to his successful early investments in Bitcoin and Ethereum, he has established a high level of authority and credibility.

For ordinary investors, seeing such an "industry expert" who has accurately predicted market trends personally come out to recommend a project can easily create a strong psychological anchoring effect, quickly lowering their guard, fully relying on the expert's recommendation to make decisions, and relinquishing independent thinking.

Galaxy has precisely leveraged this authority effect to successfully manipulate market sentiment. For most investors, unveiling the hidden motives behind this authority is extremely challenging.

Second, subtle media manipulation and public relations strategy

When promoting Luna, Galaxy once collaborated with multiple top media outlets such as Bloomberg and CoinTelegraph, successfully creating a seemingly credible market impression of Luna. A Bloomberg report on January 26, 2021, clearly shows that Galaxy directly provided false data to Bloomberg, embellishing Terra and Luna's strong ecosystem and real-world applications, creating the illusion of an explosive market surge.

This precise manipulation in the media makes it difficult for ordinary investors to have doubts. After all, when the general public sees mainstream media's affirmative coverage of a project, they naturally tend to believe it is the result of media investigation, objective and reliable information, making it extremely hard to conceive that this is a carefully crafted manipulation of public opinion.

Third, emotion manipulation of "Keep the faith"

From a psychological perspective, Novogratz's "Keep the faith" slogan has been extremely effective in manipulating investors' emotions. When the market is down, the most reassuring words for the average investor are those that encourage them to hold onto their faith and not give up easily.

This emotional guidance is more penetrating than any rational analysis. Novogratz is adept at leveraging this emotion, using persuasive rhetoric to firmly control market sentiment, leading investors to hold on during downturns, even continuing to buy the dip and becoming the bagholders.

In reality, when Galaxy was aggressively offloading at the peak, the average investor was almost impossible to remain fully alert. Because when everyone is shouting "faith," skeptics are seen as outliers, facing tremendous psychological pressure.

3.3 Summary: The Balancing Act of Can and Cannot

Returning to our initial question: Can you escape this scam?

Objectively, this depends on how much market knowledge, investment experience, and critical thinking ability you possess. If you are careful enough to keenly perceive the difference between data and reality, to discover the abnormal cash-out patterns after each shill, and to remain vigilant against dramatic propaganda, you can indeed preemptively uncover the scam.

But if you are just an average investor, misled by institutional authority, deceived by carefully crafted media narratives, and influenced by emotional slogans, then in the face of Galaxy's meticulously designed script, the vast majority of people are almost helpless. Greed and deception always exist in the market, Galaxy's story is not the first, nor will it be the last.

Epilogue

The thread of trust between evangelism and reaping, once crossed, becomes the blade of the sickle. Behind every scam is a game of human greed and fear.

In the story of Galaxy and Luna, we see how authority becomes a tool for reaping, media becomes an amplifier of scams, and emotion becomes the fuel for greed. Ultimately, in this world, there is never free wealth, nor is there unwarranted sudden riches.

Faith was originally the most moving term in the investment world, but when it is used by ulterior motives to manipulate the market, faith becomes a poison, ultimately backfiring on every blind follower.

However, we must also acknowledge that Galaxy is not merely a predator. They bravely stood at the forefront of the crypto market when it was still in its infancy, injecting capital and confidence into the industry. Novogratz's foresight and Galaxy's contributions to industry standardization have indeed propelled the crypto world towards the mainstream. They have accompanied this industry through its ups and downs, witnessing and driving an era of change and the rise of an industry. Unfortunately, when the temptation of capital collided with the moral bottom line, Galaxy failed to hold onto its original intention and chose a less honorable shortcut.

A true investor must understand that investment does not rely on authority's guidance, nor does it trust in the media's hype, but instead relies on independent thinking and rational judgment.

Because: every time you blindly follow, you are paying for a scam; and every time you question, you are accumulating capital for freedom.

From today onwards, please remember:

Do not be superstitious about authority, believe in data;

Do not blindly follow, think independently;

Do not be swayed by emotions, control with rationality.

After all, the market is never kind, only those who truly stay alert deserve to possess true financial freedom.

Finally, we should take a moment to appreciate the "Martin Act," hoping that under the powerful deterrence of the "Martin Act," KOLs will no longer be so audacious in their pump and dump schemes.

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