In the past 24 hours, Bitcoin’s price surged past $93,000, triggering the liquidation of over $285 million in short positions. This sharp upward movement caught many traders off guard, forcing the automatic closure of their leveraged bets against Bitcoin. The current BTC price stands at $93,642, with an intraday high of $93,723 and a low of $88,027. The massive liquidations highlight the risks of shorting in the volatile crypto market, especially as Bitcoin continues to outperform expectations.
Veteran trader Peter Brandt shared his take on the current state of Ethereum (ETH), suggesting it’s poised for a breakout. Although Brandt did not explicitly mention this, his ETH daily bar chart spoke for itself. Based on the trader’s chart, the Ethereum price has been consolidating over the past three weeks, forming a symmetrical triangle,
Jeffy Yu, the 22-year-old co-founder of the artificial intelligence (AI) crypto project Zerebro, is at the center of a growing controversy following reports that he may have faked his death.
Initially believed to have committed suicide, Yu’s alleged passing triggered a massive surge in his legacy meme coin, LLJEFFY token. It skyrocketed to a market cap of around $105 million. However, mounting evidence suggests Yu may still be alive and actively involved in cryptocurrency transactions.
The Rise and Fall of Legacoin: Jeffy Yu’s Alleged Death and $105 Million Surge
On May 4, a video surfaced on X (formerly Twitter) purportedly showing Yu taking his own life during a livestream on the Pump.fun platform. This prompted widespread shock in the crypto community.
Heartbroken over the Zerebro dev’s tragic loss. A reminder to check on each other—this space can be tough. Rest in peace.
Family can be your rock through tough times—lean on them, talk it out, and let their love lift you up.
His now-deleted obituary was posted on the Legacy platform on May 6, and many tribute posts followed. That same day, a pre-scheduled article attributed to Yu was published. The article introduced the “Legacoin,” a new category of meme coins tied to legacy and permanence.
“If you’re reading this, it’s because my 72 hour deadman’s switch triggered so i’m not here, at least physically or my adhd really got the best of me (oops, i’ll post an update when i have that ‘oh shit’ moment, embarrassing if the token isn’t live) this is a legacoin, my final art piece LLJEFFY,” the blog read.
The coin offers no promises or returns. It is described as “interactive performance art” where the trading activity on the blockchain reflects human emotions like fear, greed, and hope. Yu also expressed discontent with how wealth and fame led to the breakdown of meaningful relationships.
“You only truly die when you’re forgotten How will you define your legacy?” Yu asked in his final blog.
After the blog went live, the associated token LLJEFFY surged in value. According to DEXScreener, its market capitalization reached approximately $105 million, marking an appreciation of 2,115%.
Zerebro’s own token also saw a modest rise, pushing its market cap to $46.5 million. Nonetheless, the rise was fleeting. As of the latest data, LLJEFY has lost 96.19% of its value, with its current market cap at just $4.0 million. ZEREBRO has also faced a double-digit decline of 19.9%, according to CoinGecko data.
Is the Zerebro Co-Founder Still Alive?
The rapid decline came as users started to post evidence that Yu was still alive and actively trading.
“Incredibly the ghost of the Zerebro dev is buying his “legacy coin” on his phantom wallet brings a whole new meaning to phantom wallet I guess,” a user noted.
On-chain analysis by X user Vee revealed that a wallet address (G5sjgjPdFdoz7hRa49yDobeSdqMooCmDwsCUERqLTfyr), allegedly linked to Yu, continued to be active after his reported passing.
“I’ve just noticed that one of Jeffy Yu’s addresses is dumping ZEREBRO, then sending USDC to the HTX exchange, and then that money is coming to Jeffy’s address that created LLJeffy,” Vee posted.
Moreover, Lookonchain revealed that a wallet, potentially associated with Yu, sold 35.55 million ZEREBRO for 8,572 SOL ($1.27 million). Following this, the wallet transferred 7,100 SOL ($1.06 million) to the developer wallet “G5sjgj” linked to LLJEFFY.
Further fueling suspicion, multiple sources, including crypto influencer Irene Zhao, cited insider knowledge claiming Yu faked his death. In addition, another user called Daniele posted a letter Yu allegedly sent to an early investor, admitting that he had created the video to move away from the public eye.
“Crypto just witnessed its first pseudocide exit strategy,” Daniele wrote.
In the letter, Yu shared that he had been harassed, blackmailed, and doxxed, leading him to fear for his safety. He outlined that stepping away openly would have negatively affected the value of his projects. Thus, he chose this route for his safety and peace.
“I have not profited from this situation; rather, the contrary, I have incurred substantial expenses in legal fees and related costs associated with this planned exit,” Yu wrote in the letter.
Senator Elizabeth Warren is concerned that political interference is driving the SEC’s latest crypto decisions. Paul Atkins, the newly appointed Chairman of the SEC, has promised to prioritize clear and transparent regulatory frameworks for the crypto industry.
His pledge marks a significant shift in direction for the agency following years of controversy.
Paul Atkins Charts New Course for Crypto Regulation at SEC
During an April 25 roundtable organized by the SEC’s crypto task force, Atkins stressed the urgent need for transparent rules to support innovation and responsible growth.
“This is important work as entrepreneurs across the United States are harnessing blockchain technology to modernize aspects of our financial system. I expect hug benefits from this market innovation for efficiency, cost reduction, transparency, and risk mitigation. Market participants engaging with this technology deserve clear regulatory rules of the road,” Atkins stated.
Meanwhile, Atkins openly criticized the SEC’s previous leadership under former Chairman Gary Gensler. He stated that a lack of clear policy stifled industry development and pushed key players to the edge.
Now, Atkins has vowed to correct past missteps. He committed to working closely with Congress and President Donald Trump to create a regulatory structure that fits the unique characteristics of digital assets.
Early signs of this shift are already visible, with the SEC beginning to dismiss several enforcement actions initiated during the previous administration. The Commission has also established a dedicated crypto task force to collaborate with industry stakeholders on shaping future policy.
US Lawmaker Raises Alarms Over Potential Political Interference
While Atkins seeks to reset the SEC’s approach to crypto oversight, concerns are mounting over the agency’s independence.
The senator expressed particular concern that Trump could personally benefit from products requiring SEC approval, describing the situation as an unprecedented ethical risk.
“The President has attempted to assert his dominance over decision-making at independent agencies like the SEC through executive orders and firings, putting further pressure on the Commission to fall in line,” the lawmaker stated.
She emphasized that pending legislation may soon give the Federal Reserve and the Office of the Comptroller of the Currency more oversight powers. Trump reportedly seeks greater control over these two agencies.
Given these risks, Warren requested detailed records from the SEC, including internal assessments and communications with the White House.
She stressed that these measures are necessary to safeguard decision-making and maintain the credibility of financial markets.
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