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Who is creating these ugly Memes?
Original Article Title: The ugly memes driving crypto sales
Original Article Author: Adam Alexsic, Financial Times
Translation: Peggy, BlockBeats
Editor's Note: When AI, algorithmic recommendation, and crypto speculation are combined, internet memes are systematically "manufactured" to harvest attention and money.
This article starts with a series of viral offensive content on social platforms, revealing how these seemingly absurd trends serve the dissemination logic of crypto scams. It reminds us that when popularity is no longer organically generated but designed to profit, the internet is becoming more chaotic and dangerous.
Below is the original article:
The author of this article, known online as Etymology Nerd, is the author of the book "Algospeak: How Social Media is Reshaping Language."
This year, an unsettling and disturbing new aspect has emerged on Instagram Reels: offensive memes are being systematically created to promote cryptocurrency scams—and almost no one is seriously trying to remove them.
Since January this year, a group of bizarre, distorted characters has begun to spread on this social platform. This phenomenon's emergence is closely related to the widespread availability of AI tools and the relaxed hate speech regulation on the Meta platform.
These include "George Droyd," a cyborg "reincarnation image" modeled after George Floyd created in April this year to promote a cryptocurrency called $FLOYDAI; and "Kirkinator," born in September shortly after political commentator Charlie Kirk's death, used to hype the $KIRKINATOR token. Additionally, there are a series of recurring "sidekick" images such as "Epstron" and "Diddytron," respectively alluding to Jeffrey Epstein and rapper Sean Combs (aka Diddy).
These accounts exist in the same narrative universe, often gaining traffic by catering to racist and anti-Semitic stereotypes, accumulating millions of views. The short videos frequently feature discriminatory language and repeatedly revolve around the subplot of so-called "racial purification."
The sole purpose of this shocking content is to generate interaction and engagement. The ultimate goal is to direct public attention to so-called "meme coins," a type of cryptocurrency that theoretically rises in value as memes spread. Early meme coins (like $DOGE) mostly leveraged existing internet culture, while derivative images like George Droyd and its counterparts are entirely artificial creations by crypto speculators.
This scheme typically begins with pump.fun, a platform that allows users to easily register and trade digital tokens. Once a developer creates a new token, they share it in a trusted Telegram group or X community, where investors brainstorm ways to artificially boost attention for the related meme, known as "mindshare." They then use AI to generate provocative videos, hoping to make the meme spread virally and attract "normies" — those unfamiliar with meme coin culture but who may be drawn in as retail investors. After the price of the coin rises, the initial core group will choose to "rug pull," selling off their holdings, cashing out, and exiting with profits.
In reality, the actual people buying into these tokens are often only a few thousand. However, because the barrier to creating cryptocurrency and releasing AI-generated content is extremely low, coin creators can easily replay this cycle, profiting by "manufacturing a cultural phenomenon."
Simultaneously, these memes often start to "grow organically." When other creators recognize their viral potential, they imitate and reproduce them for money or online clout. The characters "Kirkinator" and "George Droyd" have been repeatedly used by various internet personalities unrelated to the original token creators.
Yet, with each reiteration, crypto hustlers still benefit. For instance, in October, a tweet about Kirkinator gained 8 million views, causing the $KIRKINATOR coin price to spike fivefold, only to fall back in the following days. For those investors who sold at its peak, the profit was based on millions of X users watching a video — where the content was "George Droyd getting killed by Kirkinator after stealing Epstein files."
Unfortunately, the more sensational the video, the easier it is to spread virally. Violent, offensive imagery can attract more comments and longer watch times, both of which algorithms reward. Coin creators have learned to exploit this mechanism for personal gain. Even Instagram or X users who are unaware of these cryptocurrencies may find themselves repeatedly exposed to this highly disturbing clickbait content.
We are being drawn into a vortex: loosely regulated cryptocurrency sites, easily accessible AI tools, and social platforms that allow the proliferation of offensive memes, all stacked on top of each other.
As a researcher of internet language evolution, I am deeply troubled by this: online trends are being artificially created, with the sole purpose of manipulating us. We can no longer be certain that memes are "naturally occurring" — they may at any time be part of some profit-driven chain.
Even if a meme is not directly created by a crypto hustler, it will almost always be co-opted by them almost immediately. Every new cultural reference is quickly tokenized on pump.fun and artificially pumped up, all to make some people profit from it.
The end result is that we are all becoming more disconnected from reality. More and more memes are invented or amplified, forcing netizens to constantly question what they can really believe; and continued exposure to this toxic discourse environment makes it appear more "acceptable." The only way out is to fight to reclaim the internet and stop those trying to poison it.
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On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
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