THE WORST HACK IN CRYPTO HISTORY

Welcome to the HYPE TRAIN - a newsletter that breaks down what's happening in the crazy world of memecoins. We'll be breaking down the WTF moments, Best Trades, and much more, while trying to provide some humor to your day.

Disclaimer: Take none of this as financial advice & do your own research

Aaand here we go:

Pleasant day to be a degen! Welcome to today’s edition of Hype Train, where we will be covering our staples today:

• TOP Memecoin Performances😇

• WORST MOMENT IN CRYPTO!!!

• DOLLS ARE CHANGING THE GAME?!?!?! 😱

• AND………………stories that will shake your head🙈

CRYPTO STAPLES🥇^{_{*As of 1:30 pm EST on May 27th}}

HYPE INDEX🐐

SOLANA FOUNDER HACKED AND DOXXED🫡

The Instagram account of famous rap group Migos, which has over 13 million followers, was hacked on May 27 and used to publicly dox Solana co founder Raj Gokal in what appears to be a failed extortion attempt. The hacker posted at least seven images, including photos of Gokal holding his passport and driver’s license, with captions like “you should’ve paid the 40 btc,” referencing a $4 million ransom demand in Bitcoin. One image showed a woman, believed to be Gokal’s wife, holding her ID, and others exposed personal details such as phone numbers, email addresses, and a home address. The style of the leaked images closely resembles those used for Know Your Customer (KYC) verification on crypto exchanges, raising questions about whether the documents were stolen from an exchange, hacked from Gokal’s email, or possibly AI generated deepfakes.

Just a week prior, on May 20, Gokal had warned on X that attackers were actively trying to compromise his accounts. The breach has reignited concern over the safety of KYC data, especially after recent lawsuits like the one filed against Coinbase for allegedly failing to disclose third party involvement in ID verification. In a bizarre twist, the incident also gave rise to a memecoin called $RAJIV, which surged to a $409 Thousand market cap before plummeting back to $24 Thousand. The Solana Foundation and Gokal have yet to issue a public statement, but the incident underscores the growing risks of identity theft and blackmail in the crypto world. No place for this man, especially the person who created the great Solana coin. smh, do better.

LABUBU DOLLS OWN EVERYTHING🗣

Labubu dolls have gone so viral that retailer Pop Mart was forced to pull them from shelves after chaotic scenes of fans camping outside stores and fighting staff to get their hands on the rare blind-box collectibles. Created by Hong Kong artist Kasing Lung, the mischievous rabbit-eared monster has exploded in popularity thanks to TikTok trends, celebrity endorsements from Rihanna and BLACKPINK’s Lisa, and rumors of a Kobe Bryant x Labubu collaboration after Vanessa Bryant posted a pink Labubu doll with Kobe’s logo. As physical toys became scarce, fans turned to the unofficial LABUBU meme coin on Solana, originally launched via Pump.fun in October 2024. After months of trading under $1 million, the coin surged 5,934% in just two weeks, hitting a peak market cap of $49 million before retracing to $41 million. For many, owning $LABUBU has become the next best thing to having the doll itself, highlighting the growing fusion of digital assets and viral collectibles. Also it gets crazy views, like this video below, which has over 220k likes.

MACRO NEWS FOR CRYPTO

Trump Media & Technology Group (DJT), the parent company of Truth Social, has announced a $2.5 billion capital raise to establish a corporate bitcoin treasury, marking one of the most ambitious crypto plays by a public company to date. Backed by approximately 50 institutional investors, the raise includes $1.5 billion in common stock and $1 billion in 0 percent convertible notes, with bitcoin set to be added to the company’s balance sheet alongside $759 million in existing assets. CEO Devin Nunes called bitcoin the “apex instrument of financial freedom” and framed the move as both a hedge against traditional financial systems and a core part of the firm’s America First ideology. The move follows Trump Media’s recent expansion into crypto-aligned financial products, including plans for ETFs and retail investment tools, as rumors of upcoming mergers swirl. Bitcoin rose 1.5% following the announcement, and the raise is expected to close by May 29.

MEME OF THE DAY

raj goated

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That’s all for today’s edition, see you degens tomorrow!

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.