As much as I hate pumpfun, it’s hard for me to put the blame on them. Pumpfun fulfilled its function. Even if that function was to extract, you can’t lay the blame on them for doing what they were designed to do. The blame lies squarely on Q, Mert, Toly, the Solana FDN, Andem, Joe McCann, Salami, Kang, Alliance, Multicoin, and all of their influenza underlings that battery packed ppl into embracing a culture of rugs and PnDs. I think all of those ppl are complete sociopaths. Evil even. I’ll never forget in 2024 I was watching a podcast with Q Qiow, and I was absolutely floored by the shit he was spewing. I was amazed that he believed himself and even more shocked that the hosts just sat there nodding in the air like bobbleheads. He was saying something to the effect that every single human being would create a memecoin and trade it Solana and that this was the natural evolution of the internet, all to justify price targets for his bags (which were fucking retarded). And then I’d check X and see an army of indented craniums regurgitating his nonsense, and calling for VCs to fund this degeneracy and for builders to abandon their projects in favor of building more memecoin apps. “Just build things ppl want to use bro” Remember how often we used to hear that? Fast forward to 2026, and the “trenches” have been bled dry. Starved. Depraved. Famished. Pumpfun is still extracting to this day. But the blame lies with the ppl who encouraged that culture. Go back and look at the receipts from January 2025. Everyone who celebrated the launch of TRUMP is to blame. Dw though, most of these ppl have either existed stage left or are about to. It’s sad that they butchered an entire class of onchain users but hey, at least they onboarded all those celebrities right!?

Core Figures of the Prince Group (Figure 1) Part 1 Chen Zhi（Vincent)，Chairman and Controlling Director of Prince Group Chen Zhi (Figure 2), born on December 16, 1987, in Xiaoxing Village, Xiao’ao Town, Lianjiang County, Fujian Province, China, dropped out of school in the eighth grade and was reportedly known to frequent internet cafés in his hometown. Between 2010 and 2011, prior to the dismantling of the hacker group known as the “Knights,” Chen allegedly used a false identity to illegally depart Shanghai and relocate to Cambodia. In 2015, Chen founded Prince Group. He subsequently acquired multiple nationalities, including those of China, Cambodia, Cyprus, and Vanuatu, and has reportedly held passports and permanent residency status in jurisdictions such as the United Kingdom. Entities Associated With Sanctions Exposure Linked to Chen Zhi: 1 The Prince Group 2 Grand Legend International Asset Management Group 3 Jinbei (Cambodia) Investment Co., Ltd., a joint venture reportedly established with 4 Cambodian Prime Minister Hun Manet 4 Huione Group 5 Golden Fortune Resorts World Ltd. Since 2017, Chen has used Singapore as a strategic hub to build an Asia-Pacific asset management network. With the assistance of a local associate, David Wong, Chen established a family office, DW Capital Holdings Pte. Ltd., in 2018. In 2021, David Wong, who was then serving as a director of the family office, allegedly transferred approximately SGD 5.84 million from Chen’s account at OCBC Bank without authorization. The incident later became a key investigative lead in coordinated sanctions-related probes conducted by authorities in the United States, United Kingdom, and Singapore. On January 8, 2016, Chen Zhi was extradited to mainland China. Part 2 Li Xiong，Chairman of Huione Group Huione Group, a business entity operating under the umbrella of Chen Zhi’s Prince Group, was initially established in 2014. In December 2018, the company registered Huione Group Limited in Hong Kong. Often described as the “Alipay of Cambodia,” Huione operates across financial services and maintains an affiliated banking institution known as Panda Commercial Bank. Subsidiaries of Huione Group include: 1 Haowang Guarantee (formerly Huione Guarantee) 2 Huione Pay PLC 3 Huione Crypto 4 Huione Insurance Hun To, a cousin of current Cambodian Prime Minister Hun Manet, previously served as a director of Huione’s Cambodian operations. According to publicly available records (Figure 3), He Yanming, the registered owner of Huione Crypto in Poland, also serves as a director of Panda Commercial Bank Plc, one of Cambodia’s major financial institutions. Prior to being sanctioned by U.S. and U.K. authorities in October 2025, both Hun To and Huione executive Li Xiong were members of the bank’s board of directors. Following Chen Zhi’s extradition to mainland China, Li Xiong, also known by the nickname “President Xi” (Xi Zong) within internal circles, was arrested by Cambodian authorities in January 2026. He was subsequently transferred to mainland China on April 1, 2026. Additional Observations 1 A significant number of former Huione personnel have recently established new companies and are actively recruiting talent from the cryptocurrency sector. 2 Following the collapse of Huione, it is widely anticipated that core user and transaction data associated with the group will be shared with mainland Chinese authorities. @BBCWorld @BBCBreaking @WSJ @business @nytimes @cnni @Reuters @Forbes @TIME @TheEconomist @UN @AP @washingtonpost @MarketWatch @WSJecon @FAANews @NTSB_Newsroom @FoxNews @FT @YahooFinance @SkyNews @NBCNews