US government wants to shut down crypto platforms and 1 trader owns 13% of all Lady coins

US crypto czar Ms. Eun Young Choi gave an interview to the Financial Times yesterday in which she confirmed that the White House is indeed thinking of shutting down some local crypto platforms. Also striking is that memecoin ‘Ladys’ continues to be in the news because the largest Whale hodler cannot take profits as he…. has too many coins in his possession.

FTX

The US government has not been very positive about crypto lately. Especially since the major crypto platform FTX collapsed last year, politicians are very afraid of uncovering a new scandal. As FTX founder Sam Bankman-Fried will appear in court later this year, people are terrified of another crypto platform that could get local banks into trouble.

US crypto tsar promises crackdown on digital platforms https://t.co/Cr3aL4rvuW

— Finance News (@ftfinancenews) May 15, 2023

The administration of President Joe Biden is therefore counting on its own ‘crypto tsar’, who must keep an eye on the trading operations and the general conduct of local crypto companies. Ms. Eun Young Choi confirmed what many have already whispered on social media, namely that the US territory would rather lose some platforms than gain new ones.

“We have seen the scale and scope of digital assets used in various illegal ways increase significantly over the past four years,” she said.

Washington has also targeted Binance, the world’s largest crypto exchange, in recent months. The US stock market watchdog sued the company and its CEO Changpeng Zhao in March for operating illegally on their territory. According to them, Binance has no official headquarters in America and is therefore not allowed to serve American customers.

Trader owns 13% Ladys

Memecoins are very volatile, and this past week it also became clear why. In the case of Pepe and Ladys, it appears there are a handful of addresses that bought billions of coins at the start and are currently gaining millions of dollars in profits.

1/ Here are the top 10 holders of $LADYS(excluding exchanges and contract addresses).

They hold 180T $LADYS, 20.3% of the total supply.

The top 3 holders were added to the blacklist.

And DWF Labs holds 30.7T $LADYS, 3.5% of the total supply. pic.twitter.com/K95k0A6npW

— Lookonchain (@lookonchain) May 15, 2023

However, because they worked via the ‘illegal’ technique of a maximum extractable value (MEV) bot, they purchased more coins than allowed through various means. So now those traders are blacklisted and unable to sell. One single trader currently owns about 13% of all available Ladys coins, but cannot sell due to that blacklist.

So watch out for volatility, especially if Elon Musk were to tweet about it again.

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