The New Normal: 95 % in Ten Wallets, 100 % of the Risk on You
A fresh crop of copy-paste disasters—MYX, AIA, COAI—has swept through crypto this autumn. In every case the recipe is identical:

1. Wrap a tired protocol in the day’s hottest buzz-word (AI agents, L2 derivatives, modular whatever).

2. Airdrop / pre-mine 95 %-plus of supply into ten addresses you control.

3. List on Binance Alpha, the casino floor where float is tiny and leverage is infinite.

4. Paint a three-day chart that looks like a heart-attack ECG, collect the funding-rate loot, and dump the top.

Retail cheers the whole way up, then wonders why its stops are vaporised at 3 a.m.

Act I – MYX: The Template
MYX.Finance, a perp DEX on Arbitrum, quietly opened at ~$100 m FDV in early September. Within two weeks the team’s bots pushed it past $3 bn; intraday spikes of 300 % became routine. CoinGlass records $52 m of liquidations on a single day—80 % shorts, 20 % longs, the perfect balanced diet for a market-maker. By October the chart had round-tripped to $500 m, leaving late entrants with the bill and the founders with enough USDC to buy citizenship anywhere they please.

Act II – AIA: Copy-Paste with an AI Skin
DeAgentAI (ticker AIA) arrived wearing the AI-agent narrative like a rented tux. Same wallet concentration (97 %), same Binance Alpha launch, same 10× spike in 72 h. The only innovation was the ticker—lighter, faster to type while you’re being liquidated.

Act III – COAI: The “Perfect” Crime
ChainOpera AI pushed the model to its logical extreme. Listed 25 Sept at $15 m FDV, it peaked above $8 bn— a 500× in five weeks. Top-10 wallets held 96.5 % of float; the other 3.5 % was scattered among 40 000 euphoric gamblers convinced they’d found the next Solana. The whale playbook was poetry: +81 % on 15 Oct to bait breakout traders, ‑58 % on 25 Oct to harvest their collateral, repeat until the funding-rate tab covers the yacht. Meanwhile the project’s $17 m seed round is—conveniently—fully vested on day one.

When “Centralisation Is Justice” Becomes a Meme
Twitter timelines now celebrate wallet concentration as a feature, not a bug. Survivors post 100× PnL screenshots; the 90 % who blew up stay quiet. The community that once mocked MYX as “no code, no buy-back, no community” now prays for the next 95 % wallet so they can front-run it. As @huahuayjy summarises: “MYX broke the alt-season ceiling; market-makers realised apes will bid anything if the line goes up fast enough.” Critics reply that real alt-seasons need fresh fiat, not rotating casino chips, and that MYX-style spikes are late-cycle death-rattles, not rebirths.

Binance Alpha: The Engine, Not the Innocent Bystander
Alpha was billed as a “high-beta launchpad for early-stage gems.” In practice its 1–3 % circulating supply and 50× leverage perpetuals turn every listing into a mechanical slaughterhouse. Daily volume on the board exceeds $8 bn—larger than many national exchanges—because professionals know exactly where to find the loosest slots. The exchange profits whether the coin lives or dies; the house always wins, but here it also rents the table, sells the chips and marks the cards.

Epilogue – Check Your Seat at the Table
The pipeline is already stuffed: AVNT, IP, and a dozen unnamed Korean projects met at KBW 2025 with the same market-makers who painted MYX’s chart. Each new ticker is a fresh bullet in the same chamber. So before you apes chase the “next COAI,” ask yourself one question:
Am I the player, or am I the payment?

The New Normal: 95 % in Ten Wallets, 100 % of the Risk on You
A fresh crop of copy-paste disasters—MYX, AIA, COAI—has swept through crypto this autumn. In every case the recipe is identical:

1. Wrap a tired protocol in the day’s hottest buzz-word (AI agents, L2 derivatives, modular whatever).

2. Airdrop / pre-mine 95 %-plus of supply into ten addresses you control.

3. List on Binance Alpha, the casino floor where float is tiny and leverage is infinite.

4. Paint a three-day chart that looks like a heart-attack ECG, collect the funding-rate loot, and dump the top.

Retail cheers the whole way up, then wonders why its stops are vaporised at 3 a.m.

Act I – MYX: The Template
MYX.Finance, a perp DEX on Arbitrum, quietly opened at ~$100 m FDV in early September. Within two weeks the team’s bots pushed it past $3 bn; intraday spikes of 300 % became routine. CoinGlass records $52 m of liquidations on a single day—80 % shorts, 20 % longs, the perfect balanced diet for a market-maker. By October the chart had round-tripped to $500 m, leaving late entrants with the bill and the founders with enough USDC to buy citizenship anywhere they please.

Act II – AIA: Copy-Paste with an AI Skin
DeAgentAI (ticker AIA) arrived wearing the AI-agent narrative like a rented tux. Same wallet concentration (97 %), same Binance Alpha launch, same 10× spike in 72 h. The only innovation was the ticker—lighter, faster to type while you’re being liquidated.

Act III – COAI: The “Perfect” Crime
ChainOpera AI pushed the model to its logical extreme. Listed 25 Sept at $15 m FDV, it peaked above $8 bn— a 500× in five weeks. Top-10 wallets held 96.5 % of float; the other 3.5 % was scattered among 40 000 euphoric gamblers convinced they’d found the next Solana. The whale playbook was poetry: +81 % on 15 Oct to bait breakout traders, ‑58 % on 25 Oct to harvest their collateral, repeat until the funding-rate tab covers the yacht. Meanwhile the project’s $17 m seed round is—conveniently—fully vested on day one.

When “Centralisation Is Justice” Becomes a Meme
Twitter timelines now celebrate wallet concentration as a feature, not a bug. Survivors post 100× PnL screenshots; the 90 % who blew up stay quiet. The community that once mocked MYX as “no code, no buy-back, no community” now prays for the next 95 % wallet so they can front-run it. As @huahuayjy summarises: “MYX broke the alt-season ceiling; market-makers realised apes will bid anything if the line goes up fast enough.” Critics reply that real alt-seasons need fresh fiat, not rotating casino chips, and that MYX-style spikes are late-cycle death-rattles, not rebirths.

Binance Alpha: The Engine, Not the Innocent Bystander
Alpha was billed as a “high-beta launchpad for early-stage gems.” In practice its 1–3 % circulating supply and 50× leverage perpetuals turn every listing into a mechanical slaughterhouse. Daily volume on the board exceeds $8 bn—larger than many national exchanges—because professionals know exactly where to find the loosest slots. The exchange profits whether the coin lives or dies; the house always wins, but here it also rents the table, sells the chips and marks the cards.

Epilogue – Check Your Seat at the Table
The pipeline is already stuffed: AVNT, IP, and a dozen unnamed Korean projects met at KBW 2025 with the same market-makers who painted MYX’s chart. Each new ticker is a fresh bullet in the same chamber. So before you apes chase the “next COAI,” ask yourself one question:
Am I the player, or am I the payment?