The suspect in the murder of UnitedHealthcare CEO Brian Thompson has captured crypto users’ imagination.
In the aftermath of the December 4 killing of the insurance company boss and ensuing manhunt, Polymarket bettors poured half a million dollars onto the platform.
Meanwhile, memecoins linked to details surrounding the manhunt have soared.
One memecoin, named after suspect Luigi Mangione, skyrocketed to $77 million before falling to about $17 million.
“As always, Solana memecoins are the best source of the news, as seen with the Luigi Mangione coin made minutes later,” said pseudonymous memecoin guru Burning Kitty on X.
Memecoins — cryptocurrencies based on the latest viral pop culture image or incident — thrive on hype, humour, and most of all, attention. Many are fun. There are tokens based on dogs, frogs, and squirrels.
But some are based on darker themes such as a fake suicide, Kate Middleton’s cancer, and even swastikas.
Dark side
The Luigi coin certainly belongs in that latter category.
The industry last month faced harsh backlash as platforms like pump.fun enabled users to launch racist memecoins, and engage in dangerous stunts to pump their coins. The UK banned the site.
Mangione’s arrest in the brutal daylight murder of Thompson proved to be enticing to bettors on Polymarket. Eight markets are ongoing with nearly half a million wagered on all sorts of speculation.
“What will Luigi Mangione say in his manifesto?” reads one wager, which has lured about $56,000 in bets.
Before Mangione was arrested, the most popular memecoin tied to the murder was called “Deny. Defend. Depose.” They refer to the words that police found inscribed on bullet casings at the scene of the killing.
That coin quickly drew in $3.4 million, though its value has since dropped to $836,000.
Mangione’s notoriety has reached beyond crypto. Mugs, hats, and holiday sweaters relating to the case are up for sale on shopping sites.
Pedro Solimano is a markets correspondent based in Buenos Aires. Got a tip? Email him at psolimano@dlnews.com.
