Author: Monicah W

In a sad occurrence, Eugene Shen, co-founder of the RWA project Plume, reportedly passed away this week. However, this announcement prompted a major PLUME token dump, splitting the community with acrimonious accusations.

Some skeptics wondered if Plume was a scam or if this death announcement was some sort of hoax. Others deplored these accusations and token dumps, professing support for the company. Regardless, it has been a bizarre market reaction to an unfortunate, tragic event.

Massive PLUME Token Dumps

Plume, an RWA onboarding blockchain firm, has attracted considerable attention since YZi Labs invested in it this March. Over the last week, the company’s PLUME asset fell by 18%, and users began reporting a token dump today.

The firm announced the death of Plume co-founder Eugene Shen, presumably establishing a reason for this price action:

It is with heavy hearts that we share the news of a tragic loss within our company. Earlier this week, we lost our cofounder and dear friend, Eugene. We’re in shock. Eugene was brilliant, deeply curious, and brought so much talent and heart to everything he did. Our thoughts are…

— Plume – RWAfi Chain (@plumenetwork) May 29, 2025

Plume’s announcement didn’t specify a date or cause of Shen’s death, only that it took place last week. Still, this immediately clarified the PLUME token dump for some users, many of whom strongly condemned investors’ behavior.

Although PLUME had already been falling for several days, it experienced an additional 7.4% crash and a 145% increase in trading volume today. Presumably, Shen’s death caused today’s price actions.

However, alternate narratives also began circulating, even if they remained a minority position. Why did the price drop begin days ago?

It appears that several token holders are calling PLUME a scam token and the co-founder’s death a hoax. Yet, these claims have no evidence and show a rather unsettling display of public empathy.

Sad story:

Bought $Plume 5 months ago at $0.13 with a 2B circulating supply Didn’t sell at x2 ATH

Now it’s dipping hard after a 433M token unlock and the death of a team member—right before mainnet launch

Time to exit before they announce the death of @chriseyin or @teddyP_xyz https://t.co/qIGIqrhHch pic.twitter.com/kQcY6r7xki

— Gainz (@0x03soL) May 29, 2025

Even if this was not a popular position, this jarring cynicism still shocked the crypto community. Sure, crypto scams are rampant right now, but would PLUME really fake someone’s death to dump tokens?

Defenders immediately began noting all Plume’s major investors, claiming that the company has a clear history and market presence.

This bizarre incident only highlights a rather hidden ugliness in the crypto community. Perhaps MANTRA’s fall damaged investor confidence for the entire RWA market, or maybe users are just growing tired of scams.

It’s bad enough that PLUME users dumped their tokens after a team member’s death, but it’s far more concerning that some people think it’s all a scam.

The post PLUME Holders Continue to Dump Tokens After Co-Founder’s Death appeared first on BeInCrypto.

The SEC and Binance.US filed a joint motion today to finish the ongoing legal battle between the two parties. The two entities have been negotiating for several months, but this represents a significant breakthrough.

Still, it may be premature to claim that the legal proceedings are entirely resolved.

Binance.US and the SEC’s Fight in Final Phases

While former Chair Gary Gensler was in office, the SEC was much more aggressive about pursuing charges against Binance’s US division.

In the intervening months, however, the Commission has taken a much softer stance. The two filed a joint motion to pause their battle in February and asked for an extension over a month ago. Today, they requested a permanent end:

The SEC filed a lawsuit against Binance, Binance.US, and founder Changpeng Zhao on June 5, 2023, in the US District Court for the District of Columbia. The complaint included 13 charges, alleging violations of federal securities laws.

The SEC claimed that Binance offered and sold unregistered securities, including BNB and BUSD tokens, investment products like “Simple Earn,” “BNB Vault,” and a staking-as-a-service program.

Also, the Commission asserted that Binance.US misled investors about its market surveillance and controls, citing instances of wash trading that artificially inflated trading volumes. But now, under the current pro-crypto administration, the SEC is dropping these enforcement claims.

“The dismissal of the SEC’s case against Binance is a landmark moment. We’re deeply grateful to Chairman Paul Atkins and the Trump administration for recognizing that innovation can’t thrive under regulation by enforcement. The US is back – leading from the front in the future of blockchain.” – Binance spokesperson told BeInCrypto.

However, this is not the Commission’s only recent attempt to end a Gensler-era legal battle.

The Commission reached similar agreements with Ripple to end their famous court case, but procedural issues have frustrated the deal.

Even when the regulator and token issuer filed joint proposals and settlement offers, judicial rulings have still prevented a clean conclusion. Unfortunately, Binance and the SEC may or may not run into similar issues today.

For now, the news signals the SEC’s deep commitment to making amends with scrutinized crypto businesses. Due to legal complexities, the dispute may continue to exist, at least on paper, for weeks or months to come.

The post The SEC Drops Lawsuit Against Binance US, Files for Joint Motion appeared first on BeInCrypto.

Pi Network (PI) is showing mounting technical weakness, down nearly 15% over the past seven days and 4.4% in the last 24 hours, with its market cap now sitting at $5.12 billion. Trading volume has surged 25% in the past day, reaching $104.6 million, signaling heightened activity amid a deepening downtrend.

Key indicators like the ADX, CMF, and EMA structure all point to growing bearish momentum, with selling pressure intensifying and price action struggling to hold support. Unless momentum shifts, PI appears vulnerable to further downside in the near term.

PI Network’s Bearish Trend Strengthens

The Directional Movement Index (DMI) chart for Pi Network (PI) shows a notable rise in the Average Directional Index (ADX), which has climbed to 21 from 11.46 just a day earlier.

The ADX measures the strength of a trend, regardless of direction. Generally, an ADX below 20 suggests a weak or non-trending market, while readings above 20 indicate that a trend is beginning to gain strength.

With PI’s ADX now breaking above this threshold, the data suggests that a more decisive move—either bullish or bearish—may be developing.

Looking deeper, the +DI (Positive Directional Indicator) has dropped to 13.21 from 20.93 two days ago, while the -DI (Negative Directional Indicator) has surged to 31.92 from 23.48.

This widening gap, with -DI clearly dominant, signals increasing downward pressure on PI. When the -DI rises above the +DI alongside a strengthening ADX, it typically confirms a bearish trend gaining momentum.

In short, the indicators are aligning to suggest PI may be entering a stronger downtrend, and traders should watch closely for follow-through in price action.

Indicators Show Strong Selling Pressure

The Chaikin Money Flow (CMF) for Pi Network (PI) has dropped sharply to -0.20, down from 0.08 three days ago and -0.08 just one day ago.

The CMF is a volume-weighted indicator that measures the flow of money into and out of an asset over a set period, typically 20 or 21 days.

Values above 0 generally indicate buying pressure and accumulation, while values below 0 suggest selling pressure and distribution. A CMF reading beyond ±0.10 is usually considered significant, with deeper negative values pointing to sustained outflows.

With PI’s CMF now at -0.20—its lowest reading since May 17—there’s a strong signal that sellers are in control.

This steep drop reflects increasing capital leaving the asset, and when combined with recent price weakness, it reinforces a bearish outlook.

If CMF continues to decline or holds at deeply negative levels, it may suggest that any bounce attempts could face heavy resistance due to a lack of bullish volume support.

PI Price Eyes Lower Support

The Exponential Moving Average (EMA) indicators for PI remain bearish, with short-term EMAs positioned below long-term ones—a clear sign that downward momentum is still in control.

The growing distance between these EMA lines reinforces the strength of the current downtrend. If PI continues to slide, the next support level lies at $0.66, and losing that could open the door for a further decline toward $0.57.

On the flip side, if PI manages to reverse its current trajectory, the first key resistance to watch is at $0.727. A breakout above that level could signal a short-term recovery and potentially send the price higher toward the $0.86 mark.

However, until short-term EMAs start to flatten or cross above the longer-term ones, any bullish attempts may remain vulnerable to selling pressure.

The post Pi Network Weekly Losses Reach 15% – What’s Behind the Drop? appeared first on BeInCrypto.

Webus International, a Nasdaq-listed Chinese AI solutions company, announced today that it’s planning to invest up to $300 million in an XRP reserve. The firm claims that this strategy is primarily aimed at facilitating cross-border payments.

Additionally, Webus aims to use XRP to help expand an AI-native company’s other blockchain-related development ambitions. Depending on the investment’s success, the firm may incorporate on-chain solutions in several fields.

Chinese Firm Bets Big on XRP

In recent months, many corporations have made serious attempts to hold substantial amounts of cryptocurrency.

Obviously, Bitcoin has been an early and enduring favorite, but certain companies have begun experimenting with altcoins like Solana. Today, one Chinese firm is innovating again by considering investing up to $300 million in an XRP reserve.

Webus is not the only Chinese company considering a massive crypto investment this month, but its XRP reserve plan seems more deliberate.

Two weeks ago, Addentax Group, a logistics firm, considered investing $800 million in BTC and TRUMP. This may have been an attempt to secure tariff relief, and Addentax barely mentioned its crypto ambitions.

On the other hand, Webus described a long-term vision for the XRP reserve in explicit detail:

“These strategic developments have the potential to create a powerful synergy between our domestic and international operations. The integration of an XRP blockchain integration has the potential to revolutionize how we handle cross-border payments for both partners and travelers worldwide,” claimed Nan Zheng, CEO of Webus.

In other words, Webus’ AI solutions cater to customers around the globe, and DeFi may help smooth over recurring problems. Chinese firms can experience difficulties with bank processing across borders, but XRP may provide a solution.

Webus mentions using the tokens for lending, shareholder guarantees, third-party credit, and other core financial interactions.

Furthermore, a $300 million investment could help an AI-specific firm access the other advantages of Web3. In addition to improving cross-chain payment operations, XRP integration will help develop the company’s blockchain infrastructure.

Webus’ press release mentions a few concrete goals like on-chain record keeping, loyalty tokens, and customer wallets.

Meanwhile, the company’s stock price has surged over 60% in after-market prices since the announcement.

XRP is already a leading cryptoasset, but $300 million is a substantial amount of money by any metric. If Webus helps integrate the token into the Chinese AI ecosystem, it could prove highly beneficial for XRP and the company.

Depending on the success of this reserve strategy, Webus could be setting a new trend for crypto’s worldwide integration.

The post Chinese AI Company To Invest $300 Million in XRP appeared first on BeInCrypto.