When Meme Coins Encounter Social Hotspots: LUIGI Stages a "Crypto Version of Robin Hood" Plot
Author: Wenser, Odaily Planet Daily
At 2 AM on December 10, a meme coin named LUIGI surged to popularity on the coin selection platform Moonshot about 30 minutes after its launch on pupm.fun. Amid speculations of whether it was a "conspiracy coin" or a "big golden dog," its market capitalization quickly rose, at one point exceeding nearly $80 million. Subsequently, news of "the largest insurance company in the U.S. being shot by digital nomad Luigi Nicholas Mangione" spread widely. Thus, another "news hotspot meme coin" attracted countless market eyes, and more information about the incident involving sensitive factors such as U.S. healthcare, social justice, and illegal sanctions gradually came to light, leaving people sighing.
On the third day after the incident, let us review this "tragedy of the commons in the U.S. healthcare industry" and understand the love-hate relationship between meme coins and news from another perspective.
When a Man Named Luigi Decided to Commit Murder: The Incident of Shooting the CEO
On December 4, a day designated as "Constitution Day" in China, was just an ordinary day in the U.S.
Of course, for UnitedHealthcare, the largest insurance company in the U.S. and the second largest globally, this day was anything but ordinary, as it marked the beginning of the annual investor conference for this healthcare giant.
At that time, the captain of this industry giant, CEO Brian Thompson, was set to share the impressive achievements the company had made this year. After all, in the 2024 Fortune 500 list, UnitedHealth Group, the parent company of UnitedHealthcare, reported annual revenue of $371.622 billion, ranking 8th globally, even surpassing Berkshire Hathaway, owned by the well-known Warren Buffett, by $7.14 billion, with only tech giant Apple ahead; its market capitalization once reached $560 billion, covering nearly 50 million American citizens. He certainly had reason and qualification to be proud of the achievements he and the company had made.
Fortune Magazine Ranking - UnitedHealth Group Ranked 8th
At 6:45 AM, facing the slightly chilly air of Manhattan, New York, Brian Thompson was on his way to the Hilton hotel, the venue for the conference. Since it was not far from his hotel, he chose to walk and did not arrange for security personnel. Although he had received several death threats in the past, for someone who had worked at UnitedHealthcare for 20 years, such threats had become commonplace, and he had never taken them seriously.
As he walked down the sidewalk as usual, an unexpected event occurred— a masked man dressed in a black hooded jacket and carrying a gray backpack suddenly appeared behind him and fired several shots with a 9 mm silenced pistol, hitting his back and calf. Although the gun jammed momentarily, the man quickly cleared it and approached the fallen Brian Thompson to fire another shot. The assailant then fled through an alley, with witnesses reporting that he rode an electric bicycle into Central Park.
At 6:48 AM, three minutes after the shooting, the New York police arrived at the scene and found several shell casings on the ground, inscribed with the words "Deny, Defend, Depose" (another version states Delay, Deny, Depose). These three words, all starting with "D," correspond to an unwritten industry rule in the U.S. insurance industry when handling claims— delay: prolonging the claims process; deny: refusing to pay claims; depose: questioning the insured to make them abandon litigation.
At 7:04 AM, surveillance footage showed him taking a taxi to the bus terminal, after which he was not seen again in the bus station's video surveillance, effectively leaving New York.
At 7:12 AM, less than 30 minutes after being rushed to the hospital, Brian Thompson was pronounced dead after unsuccessful resuscitation efforts. The captain of a billion-dollar business empire became a ghost under gunfire.
As news of the incident spread, discussions in American society became heated.
Some viewed him as a "brazen murderer," as it was hard to imagine such a cruel and cold-blooded bloodthirsty demon calmly committing murder in broad daylight and escaping; others believed that the "shooting of the CEO of the largest insurance company in the U.S." might have deeper implications, as such a meticulously planned attack with a clear target could not rule out personal vendetta or other possibilities; some felt that this was merely another replay of the "gun violence incident" that American society had long been accustomed to, except this time the victim was not an ordinary civilian but the CEO of a giant corporation.
As time passed, more information gradually emerged:
On December 5, police investigations revealed that the shooter had stayed at the "HI New York City Hostel" in Manhattan and had a brief conversation with a female staff member at the front desk. To be precise— "They were flirting at the time, and he (the shooter) took off his mask, revealing a bright smile," a source from CBS News quoted a person related to the New York police.
The Shooter Talking with the Front Desk
On December 9, at a McDonald's located at 407 Plank Road in Altoona, Pennsylvania, about 450 kilometers from New York, a McDonald's employee reported to the police after a customer alerted them to a man wearing a medical mask and a beanie, who was suspected of being the "shooter from the New York street shooting." When police arrived, they found that his facial features matched those of the suspect and confirmed him as the suspect in the "CEO shooting incident" during questioning, leading to his arrest.
The man was identified as Luigi Nicholas Mangione, 26 years old, in possession of a firearm believed to be the one used to shoot Brian Thompson on the 4th (later confirmed to be 3D printed, which also explained the earlier jamming issue). Police also discovered a three-page handwritten document among his belongings, in which Luigi wrote: "To the FBI, I will keep it brief because I truly respect everything you do for the country. To save you from a lengthy investigation, I state clearly that I did not collaborate with anyone." Additionally, he wrote in this handwritten document: "I apologize for any disputes or trauma caused, but this had to be done. Frankly, these parasites got what they deserved."
The 3D Printed "Murder Weapon"
With Luigi's arrest, information about his identity and motives gradually came to light, revealing that the situation was far from a simple "ordinary shooting incident."
When Justice and Morality Collide: The U.S. Healthcare Industry's Afflictions vs. Patients' Claims for Compensation
As Luigi Nicholas Mangione's identity became clearer, the incident further fermented, pointing directly at the somewhat distorted U.S. healthcare system.
According to online sources, Luigi Nicholas Mangione is an Italian-American born in Maryland. He graduated from the prestigious Gilman School in Baltimore in 2016 (where annual tuition is as high as $37,000) and even spoke as an outstanding graduate representative; he graduated from the University of Pennsylvania, one of the Ivy League schools, in May 2020, majoring in computer science with a minor in mathematics, earning both bachelor's and master's degrees in engineering; he served as the chief counselor in a Stanford University pre-college research program, and the video game development club he founded in college was selected for the computer honor society. He had interned at a well-known AAA game company and worked as a data engineer at the California car shopping website TrueCar. In 2023, he moved to Hawaii to begin his life as a digital nomad.
Later, someone found his Goodreads reading list, which prominently featured Tim Ferriss's "The 4-Hour Workweek," a well-known advocate for digital nomadism. Additionally, he had written a lengthy review of "Industrial Society and Its Future" by the infamous "Unabomber" Ted Kaczynski, mentioning: "It is easy to quickly and thoughtlessly dismiss this as a madman's manifesto. But we cannot ignore how prescient many of his predictions about modern society are… When all other forms of communication fail, violence becomes a necessary condition for survival… These companies do not care about you, your children, or your grandchildren… 'Violence never solves anything' is a statement made by cowards and predators." Notably, after his arrest, U.S. police quickly blocked and hid all of Luigi's social media accounts (except for his X platform account @PepMangione, which survived due to inactivity), including his Goodreads reviews.
Luigi's Lengthy Review on Goodreads
In addition to his personal background, his family background also came under scrutiny, revealing that Luigi came from a well-known local family—his grandparents were real estate developers, the family owned numerous properties in Maryland, and operated several rehabilitation centers for the elderly, as well as two country clubs; his cousin Nino Mangione is a Republican member of the Maryland House of Delegates and served as the co-chair of Trump's campaign team in Baltimore County. Notably, after Luigi Nicholas Mangione's arrest, Nino Mangione posted on social media expressing, "Our 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."
In the weeks leading up to the shooting, Luigi had cut off contact with his family. Friends close to him stated that Mangione had undergone back surgery months ago, and the results were not good, causing significant discomfort in his daily life. Online speculation based on his Goodreads shelf suggested he suffered from spondylolisthesis.
According to information disclosed by law enforcement officials to The New York Times and other sources, the handwritten declaration Mangione carried at the time of his arrest may have included the following content:
"To the FBI, I will keep it brief because I respect everything you do for the country. To save you from a lengthy investigation, I will be straightforward: I did not collaborate with anyone. This is quite simple: some basic social engineering, basic computer-aided design, and a lot of patience.
If you find that spiral notebook, it contains some scattered notes and to-do lists that can give you an idea of the situation. My electronic devices are well protected because I work in engineering, so there may not be much information there.
I deeply apologize for any conflict or trauma caused, but this had to be done. Frankly, these parasites brought this upon themselves. Just a reminder: the U.S. has the most expensive healthcare system in the world, yet our life expectancy ranks around 42nd. UnitedHealthcare is the [xxx] largest company in the U.S., second only to Apple, Google, and Walmart. It has been growing, but what about our life expectancy? Nothing; the reality is that these [xxx] have become too powerful, continuing to abuse our country for massive profits because the American public enables them to get away with it.
Clearly, the issues are much more complex, but I do not have enough space to elaborate, and frankly, I am not the most qualified person to discuss this in detail. However, many years ago, several people (e.g., Rosenthal, Moore) exposed this corruption and greed, yet the problem persists. This is no longer a cognitive issue; it is clearly a power game at play. Evidently, I am the first person to confront it so bluntly."
Considering his previous "elite resume," this statement inevitably evokes a sense of pity for a "tragic hero," while the opposite of this pity is the cruel and heartless reality of the current U.S. healthcare system.
It is understood that the proportion of healthcare costs in the U.S. GDP has always been significantly higher than in other countries: according to various data compilations, the average hospitalization cost in the U.S. is as high as $22,500; a common appendectomy costs around $30,000, and complex surgeries can easily reach hundreds of thousands of dollars. Without health insurance, ordinary people cannot afford such expenses; moreover, U.S. health insurance is also difficult to accept.
A previous Gallup poll found that in 2023, about 81% of Americans expressed dissatisfaction with the country's healthcare costs, the highest level in 16 years; KFF research indicated that in 2024, the average healthcare cost for American families would be $25,572, while the average healthcare cost for unmarried adults would be $8,951, representing increases of 6% and 7% respectively compared to the previous year; since 2000, healthcare premium increases have consistently outpaced inflation, except for a few years.
Additionally, a 2023 survey by the American Medical Association found that one-third of doctors reported that the "prior authorization" model implemented by U.S. insurance companies, which requires approval before treatment, led to many patients experiencing severe complications, with 94% of patients facing delays in necessary treatments and 80% choosing to forgo treatment, resulting in 9% of patients becoming disabled or even dying. Not to mention, insurance companies often use various reasons, paperwork, and claims processes as obstacles to reduce claims payments or even deny coverage. It is no wonder that Rutgers University professor Jay M. Feinman’s book "Delay, Deny, Defend: Why Insurance Companies Don't Pay Claims and What You Can Do About It?" published in 2010 was widely popular.
As for UnitedHealthcare, which employs 140,000 people, financial website Value Penguin estimates its denial rate may be as high as 32%, meaning that nearly one in three clients requesting claims is denied, double the industry average of 16%. The underlying reason is naturally tied to Brian Thompson, who was promoted to CEO in 2021.
Since 2021, UnitedHealthcare's denial rate has been on the rise: in 2020, it was 10.9%; by 2022, it had doubled to 22.7%. In contrast, the company's profits have soared: in 2021, profits were $12 billion; by 2023, this figure had grown to $16 billion. This was during the company's revenue performance amid the COVID-19 pandemic. Meanwhile, from 2021 to 2023, Brian Thompson's personal annual salary as CEO of UnitedHealthcare reached $10.2 million, $9.8 million, and $9.6 million, respectively.
Under Brian Thompson's leadership, UnitedHealthcare also planned in 2021 to refuse to pay for emergency room visits it deemed "non-essential," but the plan was shelved due to excessive protests. In the 2023 investor meeting, he outlined that the company would prefer to reimburse "based on valuable care," focusing on post-hospitalization care rather than treatment.
Moreover, a report from a U.S. Senate Permanent Subcommittee in October this year indicated that UnitedHealthcare has been using AI tools and an algorithm called nH Predict to screen policies, with post-acute care being one of the most commonly denied items, and the denial rate for acute care being about three times the overall denial rate. At the end of last year, the families of two deceased clients sued UnitedHealthcare, claiming it deliberately used a flawed algorithm to deny necessary extended care for elderly patients, with an error rate as high as 90%. An investigation previously published by ProPublica also found that UnitedHealthcare effectively reduced or limited certain treatment costs using algorithms, jeopardizing the mental health insurance of many Americans. In California, Massachusetts, and New York, such practices by insurance companies are considered illegal.
It is known that U.S. insurance companies have long been viewed as "insatiable money-making beasts," and due to their numerous insurance regulations and powerful legal forces, most people can only accept the reality after being denied claims, with only 0.1% appealing the denial results.
When the cold and cruel social reality collides with seemingly passionate justice, "Robin Hood-style" hero narratives undoubtedly resonate more deeply, which is why many people, including some American media, focus on UnitedHealthcare and the U.S. healthcare system rather than the "fact that Luigi shot the CEO." Social media platforms like X, Reddit, and TikTok have been flooded with slogans like "Free Luigi" and "Free the man," with some even fabricating "alibis" for him in comment sections of news websites and social media. Even more, some have vented their anger at the McDonald's employee who reported Luigi, and that McDonald's has unsurprisingly faced a "mass attack" from netizens—people have been giving it one-star reviews on map software.
This McDonald's faced "one-star reviews" due to public outrage
Of course, not everyone is swept away by this "heroic idea of eliminating harm for the people."
On December 10, Pennsylvania Democratic Governor Josh Shapiro publicly condemned Luigi Nicholas Mangione: "In some dark corners, this killer is hailed as a hero. Let me be clear, he is not a hero; the real hero in this story is the person who called 911 from McDonald's."
Additionally, some netizens shared screenshots showing that Elon Musk had expressed his views on the matter on December 7: "It's disgusting; everyone is trying to portray that guy as some kind of folk hero. Insurance companies, like any business, have a responsibility to maximize profits for shareholders, no matter how ruthless the means. The radical left that doesn't buy into this still has some growing up to do." However, this tweet could not currently be found under Musk's account, suggesting it may have been deleted or altered.
Screenshot from the Internet
Subsequently, different online messages indicated that Luigi Nicholas Mangione may have committed this act due to his mother's chronic back pain claims or his grandparents' healthcare insurance claims, but the specific circumstances still rely on further investigation by U.S. police. On December 10, the New York police charged him with second-degree murder related to the death of the UnitedHealthcare CEO, as well as five other charges including forgery, false identity, and illegal possession of firearms. However, due to different laws and judicial systems in various states in the U.S., transferring fugitives between states may take days or weeks.
When Cryptocurrency Becomes a News "Fire Zone," Can Speculative Trading Extend the Lifespan of Hot Topics?
According to GMGN data, as of the time of writing, the token named LUIGI, named after the protagonist of this incident, is currently priced at $0.015, with a market capitalization of approximately $15 million, having dropped about 80% from its peak market cap of $78 million.
LUIGI Token Information
Similar to the cryptocurrency prediction market Polymarket, which successfully predicted Trump's victory this year, meme coins have, in a sense, become a "social hotspot barometer." Previously, the "squirrel" and related meme coin PUNT, which "suffered a tragic fate," even received high praise from Musk, who stated, "A squirrel and a meme coin saved America." Although this may be somewhat exaggerated, it still affirms the social news value of meme coins. The Ethereum meme coin MOODENG, inspired by the TikTok animal influencer "Little Hippo," later used token donations to support charitable causes, serving as one of the rare examples of "mass adoption" in the cryptocurrency industry.
Furthermore, the heat of news hotspots is directly reflected in the market performance of various cryptocurrencies, including meme coins. However, for many projects, pure speculative trading often amounts to a "zero-sum game," and whether it can inject new vitality into news hotspots often depends on the lasting impact of a cryptocurrency project's narrative.
LUIGI is merely the intersection of meme coins and news hotspots; whether meme coins can drive similar events toward a different direction and outcome remains to be seen, and only time will tell us the answer.