This pattern didn't appear out of thin air—it has a clear 'criminal DNA.' The familiar flavor originally emerged during the 'pig-butchering' era on Weibo. But today, on encrypted Twitter, it has evolved to be more efficient, more 'international,' and even more deadly.
So I've always advised you not to casually touch the primary market or leverage; often, the truth is far darker than you might imagine.
From instant robot purchases of tokens in the primary market—thousands of bots buying within seconds—to listing on futures and spot markets, it's almost always the same group orchestrating the entire scheme and reaping the rewards. In the previous bull run, they weren't as aggressive, and it was harder to access futures, spot, and leverage markets. But in this cycle, a complete, streamlined pipeline is now everywhere.
The gang's structure
First tier: Senior OGs who control vast resources and connections within the circle
Second tier: Primary market KOLs, also known as 'lead addresses,' whose real backing involves tens of thousands of hidden 'mouse warehouses' that instantly buy MeMe tokens in the primary market
Third tier: Secondary market spot and futures KOLs, who command massive retail liquidity and futures followers, completing the final stage of liquidity harvesting.
In reality, they are all part of the same gang. Everyone in the market knows about this, yet no one knows why this game has been going on for two years. These individuals have a fanbase obsessed with their displayed fund sizes, fed by endless PUA-style essays, and even a group of followers calling them 'dad'—it's all so laughable.
It's boring. The old Weibo-style pig-butchering scam has simply been moved to the main stage, forming a perfect closed-loop harvesting team.
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