When Meme coin meets social hot topics: LUIGI plays out the 'crypto version of Robin Hood' plot

Author: Wenser, Odaily Planet Daily

At 2 am on December 10th, a meme coin named LUIGI opened on pupm.fun and quickly rose to a market value of nearly 80 million US dollars on the popular coin platform Moonshot after about 30 minutes. Subsequently, the news of 'Luigi Nicholas Mangione, a digital wanderer, gunning down the largest US insurance company' spread like wildfire. Once again, another 'news hot Meme coin' attracted countless market attention, and more information about the event involving sensitive factors such as American health insurance, social justice, and illegal sanctions behind the token gradually surfaced, leaving people sighing.

On the third day of the event, let's review together this 'tragedy of the American health insurance industry' and understand the love-hate relationship between Meme coins and news from another perspective.

When a man named Luigi decides to commit murder: the story of the CEO shooting incident

On December 4, this time point, which is set as 'Constitution Day' in China, is just an ordinary day in the United States.

Of course, for UnitedHealthcare, the largest insurer in the United States and the second largest in global revenue, this day is not ordinary because it is about to begin the annual investor conference of this American healthcare insurance giant.

At that time, the helmsman of this industry giant, company CEO Brian Thompson, will share with people from all walks of life the impressive achievements the company has achieved this year. After all, in the Fortune 500 list of 2024, the parent company behind United Healthcare Insurance, United Health Group, had an annual revenue of as high as 371.622 billion US dollars, ranking eighth in the world, even more than the well-known Berkshire Hathaway under Buffett, with an additional 7.14 billion US dollars, and the former is Apple, a global technology giant; its market value once reached 560 billion US dollars, covering nearly 50 million US citizens, he has the reason and qualification to be proud of himself and the achievements of the company.

Fortune magazine selection - United Health Group ranked 8th

At 6:45, facing the slightly chilly weather in Manhattan, New York, Brian Thompson was about to go to the Hilton hotel where the conference was held. Since the hotel was not far from where he was staying, he chose to walk there and did not arrange for security personnel to protect him. Although he had received several death threats before, for him, who had been working in the United Health for 20 years, such threats were already commonplace and he never took them to heart.

Just as he was casually walking down the sidewalk as usual, an accident occurred - a masked man in a black hooded jacket and a gray backpack suddenly appeared behind him like a ghost, and fired several shots from his 9 mm silenced pistol, hitting him in the back and calf. The man then walked through an alley and quickly fled the scene, where witnesses said he rode an e-bike into New York's Central Park.

At 6:48 am, three minutes after the shooting, the New York police arrived at the scene and found several bullet shells on the ground, which were engraved with the words 'Deny, Defend, Depose' (others say Delay, Deny, Depose), and these three words starting with D happen to correspond to an unwritten industry rule in the American insurance industry when dealing with insurance events - delay: delay the time of claims settlement; deny: refuse to pay claims; depose: interrogate the insured to persuade them to give up litigation.

At 7:04, according to surveillance video, he took a taxi to the bus terminal and did not appear again in the video surveillance at the bus station, thus leaving New York.

At 7:12, less than 30 minutes after being urgently sent to the hospital, Brian Thompson was pronounced dead after failed rescue. The helm of the trillion-dollar business empire has turned into a solitary soul under the gun.

As the event message spreads, American society is in a flurry of discussion.

Some people see it as a 'blatant murderer' because it calmly kills and escapes in broad daylight, making it hard to imagine how cruel and brutal this bloodthirsty demon is; Some people think that there may be hidden reasons behind the 'shooting of the CEO of the largest insurance company in the United States', such a well-planned and targeted crime does not rule out personal revenge or other possibilities; Some people think that this is just another 'gun killing incident' that is no longer surprising in American society, except that this time the victim is no longer an ordinary civilian, but the CEO of a giant company.

As time goes on, more news is gradually being disclosed: [xxx] On December 5th, the police investigation found that the gunman had stayed at the HI New York City Hostel in the Upper West Side of Manhattan, and briefly talked to a female staff member at the front desk. More precisely, 'they were flirting at the time, and then he (the gunman) took off the (mask or other covering) and revealed a bright smile,' according to a source related to the New York police, as cited by CBS News.

The scene of the shooter talking to the front desk

On December 9, at a McDonald's in a McDonald's lane at 407 Plain Road East in Altoona, Pennsylvania, about 450 kilometers from New York, a McDonald's clerk reported that a man wearing a medical mask and beanie and carrying one was suspected to be a "New York street shooting gunman" after being alerted by a customer. When the police arrived, they found that his facial features were consistent with those of the murderer, and during interrogation, they confirmed that he was "12 · 4 Suspect in the shooting of the CEO" and subsequently arrested him.

It is reported that the man, Luigi Nicholas Mangione, is 26 years old, and is in possession of a firearm believed to have been used in the shooting of Brian Thompson on the 4th (which was later confirmed to be made by 3D printing, which also corroborates the reason for the previous jam). Police also found a three-page handwritten document in his belongings, in which Luigi wrote, "To the FBI, I'll cut a long story short because I do respect what you do for your country. In order to save you a lengthy investigation, I make it clear that I am not cooperating with anyone." In addition, he wrote in this handwritten document: "I apologize for any strife or trauma caused, but it must be done. Frankly, these parasites deserve it."

3D printed "weapon"

And with Luigi's arrest, information about his identity and motives for the crime gradually came to light. It was only then that people realized that the situation was far from being summarized as a 'ordinary shooting incident'.

When Justice and Ethics Collide: Chronic Illness in the US Health Insurance Industry vs. Patient Claim Demands

The incident ushered in a further fermentation in the increasingly clear identity of Luigi Nicholas Mangione, pointing the finger at the current slightly deformed health care system in the United States.

According to netizens, Luigi Nicholas Mangione is an Italian-American born in Maryland, USA. He graduated from the prestigious private high school Gilman School in Baltimore in 2016 (the annual tuition of the school is as high as $37,000), and also served as a representative of outstanding graduates. In May 2020, he graduated from one of the "Ivy League" schools, the University of Pennsylvania, where he previously studied computer science, minored in mathematics, and obtained a bachelor's and master's degree in engineering. He served as the chief counselor in a pre-college research program at Stanford University, and the electronic game development club he founded in college was selected by the Computer Honor Society. He himself has interned at the famous 3A Civilization game company, and has also worked as a data engineer at TrueCar, a California-based car shopping website. In 2023, he went to Hawaii to start his digital nomad life.

Later, someone found his Goodreads booklist, and Tim Ferriss, a well-known investor and digital nomad advocate, was among them. In addition, he wrote a long review of Ted Kaczynski's book 'Industrial Society and Its Future,' written by an extremist, American mathematician, and infamous 'Unabomber,' in January this year. He mentioned, '(We) easily and thoughtlessly regard this as the manifesto of a madman. But we cannot ignore how many of his predictions about modern society are so prescient... When all other forms of communication fail, violence becomes a necessary condition for survival... These companies don't care about you, your children, or your grandchildren... The statement 'Violence never solves anything' is made by cowards and predators.' It is worth mentioning that after being arrested, the US police quickly blocked and hidden all of Luigi's social media (except for his X platform account @PepMangione, which has been inactive for a long time), and his Goodreads book reviews are no exception.

Luigi's Goodreads review

In addition to personal experiences, his family background has also been brought to the spotlight. People have discovered that Luigi comes from a well-known local prestigious family. His grandparents were real estate developers, and the family owns numerous properties in Maryland. They also operate several elderly rehabilitation centers and two country clubs. His cousin, Nino Mangione, is a Republican member of the Maryland House of Delegates and serves as the co-chair of the Trump campaign team in Baltimore County. It is worth mentioning that after Luigi Nicholas Mangione's arrest, Nino Mangione posted on social media, saying, 'Our entire family is shocked and saddened by Luigi's arrest. We pray for Brian Thompson's family and ask everyone to pray for all those involved.'

And weeks before the shooting, Luigi had already lost contact with his family. According to his friends, Mangione had undergone back surgery a few months ago, and the effect of the surgery was not good, causing him great trouble in his daily life due to back pain. Netizens speculated that he suffered from spondylolisthesis based on his Goodreads bookshelf information.

According to netizens and information revealed by law enforcement officials to The New York Times, Mangione's handwritten declaration carried with him at the time of his arrest may contain the following content:

To the Federal Bureau of Investigation, I will be as brief as possible because I respect all that you do for the country. To save you the trouble of a lengthy investigation, I will get straight to the point: I did not collaborate with anyone. It's quite simple: some basic social engineering, fundamental computer-aided design, and a lot of patience.

If you find that spiral notebook, which contains some scattered notes and to-do lists, it can give you a general idea of the situation. My electronic devices are well protected because I work in engineering, so there may not be much information there.

I am deeply sorry for any conflicts or traumas caused, but it must be done. Frankly, these parasites are purely self-inflicted. Just a reminder: the United States has the world's most expensive healthcare system, but our life expectancy ranks around 42nd. UnitedHealth is the fourth largest company in the US market, behind only Apple, Google, and Walmart. It has been growing, but what about our life expectancy? No, the reality is that these companies have become too powerful and continue to abuse our country for huge profits, because the American public indulges them with impunity.

Clearly, the problem is much more complex, but I don't have enough space to elaborate. Frankly speaking, I am not the most qualified person to discuss this issue in detail. However, many years ago, many people (such as Rosenfeld and Moore) have already exposed this corruption and greed, yet the problem still exists. This is no longer a matter of understanding, but clearly a power game at play. Obviously, I am the first person to face it in such a straightforward manner.

Judging from his previous "elite resume," this speech is hard not to evoke a sense of "tragic hero" compassion, while the opposite of this compassion is the cruel and unfeeling side of the American medical insurance system today.

It is understood that the proportion of healthcare expenditure to GDP in the United States has always been significantly higher than in other countries: according to multiple data summaries, the average hospitalization cost in the United States is as high as $22,500; a common appendectomy in the United States costs around $30,000, and complex surgeries can easily cost hundreds of thousands of dollars. Without medical insurance, ordinary people simply cannot afford it; and the medical insurance in the United States is also difficult for people to easily accept.

Previously, Gallup polls found that in 2023, about 81% of Americans were dissatisfied with the cost of healthcare in the United States, the highest level in 16 years; KFF research shows that in 2024, the average healthcare cost for American families is $25,572, while the average healthcare cost for unmarried adult citizens is $8,951, an increase of 6% and 7% respectively from the previous year; Since 2000, except for a few years, the increase in health insurance premiums has consistently exceeded inflation.

In addition, a 2023 survey by the American Medical Association found that 1/3 of physicians reported that the "approve first, then treat" prior authorization model implemented by Medicare companies has resulted in many patients experiencing severe disease, with 94% of patients having delayed necessary treatment, 80% of patients choosing to forgo treatment, and 9% of patients becoming disabled or even dying. Not to mention, health insurance companies will also use various reasons, various procedures and claims processes as obstacles to reduce the cost of claims or even deny insurance in every possible way. It's no wonder that Jay M. Feinman, a professor at Rutgers University in the United States, published his 2010 book, "Delay, Denial, Defense: Why Insurance Companies Don't Pay Claims?" What can you do? The book was previously highly sought after.

As for United Health Insurance Company with 140,000 employees, according to the financial website Value Penguin, its rejection rate may be as high as 32%, with almost one in three customers being denied claims, which is twice the industry average (16%). The reason behind this is undoubtedly Brian Thompson, who became CEO in 2021.

It is understood that since 2021, the rejection rate of United Health Insurance has been increasing: in 2020, this number was 10.9%; in 2022, it doubled to 22.7%. In contrast, the company's profits have been soaring: in 2021, profits were $12 billion; by 2023, this number had grown to $16 billion. Keep in mind that this is the company's revenue performance during the COVID-19 period. At the same time, from 2021 to 2023, Brian Thompson, the CEO of United Health Insurance, had personal annual salaries of $10.2 million, $9.8 million, and $9.6 million respectively.

Under the leadership of Brian Thompson, UnitedHealthcare had also planned to refuse to pay emergency room visit fees for what it considered 'non-essential hospitals' in 2021, but the plan was shelved due to too many protests. At the 2023 investor conference, he also outlined the company's inclination to base claims on 'valuable care', namely post-hospital care rather than treatment.

Even, according to a report from a permanent investigative committee of the US Senate in October this year, United Health Insurance has been using AI tools and an algorithm called nH Predict to screen policies, with post-acute care being the most common item denied, with an acute care denial rate about three times the overall denial rate. At the end of last year, the families of two deceased clients sued United Health Insurance, claiming that it deliberately used a flawed algorithm to refuse necessary extended care for elderly patients as recommended by doctors, with an error rate as high as 90%. A previous investigation by ProPublica also found that United Health Insurance effectively reduced or restricted some treatment costs using algorithms, endangering the mental health insurance of many Americans. In California, Massachusetts, and New York, this practice by insurance companies is considered illegal.

It should be noted that American insurance companies have always been regarded as "invincible money-grabbing beasts". Due to their numerous insurance regulations and powerful legal power, most people can only choose to accept reality after being denied claims, and only 0.1% of people will appeal against the denial result.

When the cold and cruel social reality meets the seemingly passionate justice sanctions at a narrow pass, the "Robin Hood" hero plot undoubtedly touches people's hearts more. This is also why many people, including some American media, focus on the United Healthcare and the US health insurance system, rather than the "Luigi shooting the CEO" incident. Social media platforms such as X, Reddit, and Tiktok have been filled with slogans like "FreeLuigi" and "Free the man" in recent days, and some people have even fabricated "alibis" for him on news website comment boards and social media. Furthermore, some people have redirected their anger towards the McDonald's employee who previously reported and arrested Luigi, and unsurprisingly, that McDonald's has been "attacked" by netizens with one-star reviews on map apps.

This McDonald's suffered a one-star bad review due to public anger.

Of course, not everyone will be blinded by this idealistic idea of "serving the people and eliminating evil".

On December 10, Pennsylvania Democrat Gov. Josh Shapiro publicly denounced Luigi Nicholas Mangione: "In some dark corners, this killer hails as a hero. Listen to me, he's not a hero, the real hero in this story is the guy who called 911 at McDonald's."

In addition, screenshots from netizens show that Musk had expressed his opinion on the matter on December 7th: 'It's disgusting, everyone is shaping that guy into some kind of folk hero. Insurance companies, like any other company, have the responsibility to maximize profits for shareholders to the greatest extent, regardless of how ruthless the means are. The radical leftists who don't buy into this still need to mature.' However, the tweet is currently not found under Musk's account, and it appears to have been deleted or manipulated for malicious purposes.

Network Screenshot

There have been different online rumors suggesting that Luigi Nicholas Mangione committed the crime either because of his mother's chronic back pain insurance claim or his grandparents' medical insurance claim. The specific situation still depends on further investigation by the US police. On December 10th, the New York police charged him with second-degree murder related to the death of the CEO of UnitedHealthcare, as well as 5 other charges including forgery, false identity, and illegal possession of firearms. However, due to different laws and judicial systems in different states in the United States, transferring fugitives between states may take several days or weeks.

When cryptocurrencies become a 'hotspot' in the news, can speculative trading keep the trend alive?

According to GMGN data, as of the time of writing, the protagonist of this event, the token with the same name LUIGI, is currently priced at $0.015, with a market value of about $15 million, a decrease of about 80% from its high market value of $78 million.

LUIGI token information

Just like the successful prediction market Polymarket, which predicted Trump's victory this year, today's Meme coins have also become a kind of "social hot topic indicator" in a sense. The previously 'doomed' squirrel and the related Meme coin PUNT even received high praise from Musk, who said, 'A squirrel and a Meme coin saved America,' although it may be a bit exaggerated, it still affirms the social news value of Meme coins. Including the Ethereum Meme coin MOODENG, which drew inspiration from the Tiktok animal internet celebrity image of a small hippo, is also one of the rare "Mass Adoption" experiments in the cryptocurrency industry, as it subsequently leveraged token donations to support charitable causes.

In addition, the popularity of news hotspots is directly reflected in the market performance of a range of cryptocurrencies, including Meme coins. However, for many projects, pure speculative trading can often only be a "zero-sum game of one wave", and whether or not they can inject new vitality into news hotspots often depends on the long-lasting narrative impact of a cryptocurrency project.

LUIGI is just the intersection of Meme coins and news hotspots, and more projects will emerge later. Will Meme coins at that time drive similar events in a different direction and outcome? Only time will tell us the answer.