Latest news with #SheldonXia
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WIRED
16-05-2025
- Business
- WIRED
The Trump Memecoin Dinner Winners Are Getting Rid of Their Coins
May 16, 2025 12:45 PM Many of the crypto investors preparing to attend an exclusive gala dinner with US president Donald Trump have offloaded the coins that won them their seats. Photograph: Kirill Aleksandrovich/ Shutterstock Next week, a coterie of crypto investors will share an extravagant dinner with US president Donald Trump at his golf club in Washington D.C. They won their seats at the dinner by purchasing large amounts of Trump's personal crypto coin. But since their places were confirmed on Monday, almost half have gotten rid of their holdings whether by selling the coins or transferring them to different wallets, a WIRED analysis shows. The team behind the TRUMP coin announced the dinner competition on April 23, promising to invite the top 220 holders to dine alongside the president. The top 25, meanwhile, would qualify for a doubly exclusive tour and pre-dinner reception, the website explained. The organizers selected the attendees based on who had bought the most TRUMP and held their coins the longest between the announcement date and May 12. Although a few of the winners have identified themselves publicly—like Sheldon Xia, founder of crypto exchange BitMart—the identities of most are concealed behind leaderboard usernames and alphanumeric crypto wallet addresses. To claim a spot at the dinner, investors had to purchase at least 4,196 units of the TRUMP coin, worth about $54,000 at the time of writing. To qualify for the reception, the VIPs held around 325,000 TRUMP coins on average, worth roughly $4.2 million. At the time of writing, 100 of the 220 attendees have done away with practically their entire TRUMP stash, including 17 of the 25 VIPs. One VIP, going by the username Woo, appears to have made a $2.5 million profit on their TRUMP holdings, which they delivered to crypto exchange Binance on Wednesday, presumably with the intention to sell. Though the attendees would appear to be eager for an audience with Trump, their trading activities since the competition deadline appear to imply a low conviction in the long-term potential of the president's coin as an investment asset. Representatives for Trump did not respond immediately to a request for comment. That sentiment appears to be shared broadly among sophisticated crypto investors. As of Friday, only nine smart money traders—meaning those with a strong track record of profitability—are invested in the TRUMP coin, according to analysis by Nicolai Søndergaard, research analyst at blockchain analytics company Nansen. After the dinner was first announced, analysts expressed concerns about a potential slump in the price after the spaces at the dinner had been confirmed, caused by a sell-off among investors whose immediate incentive to hold the coin had evaporated. On May 12, the day of the competition deadline, the organizers tried to encourage the qualifying attendees to hold onto their coins, presumably in a bid to avoid a sell-off. Any attendees who arrived at the dinner with as many units of TRUMP as they held at the end of the competition, the organizers announced on X, would be rewarded with a 'very special and rare' NFT. They also teased a 'rewards points program,' the details of which have not yet been revealed. Though many of the qualifying attendees were apparently unmoved by the prospect, choosing to forgo the NFT in favor of offloading their coins, it has not had a material detrimental impact on the TRUMP price. At the time of writing, the TRUMP coin is trading for $12.86 per unit, down from $14.59 on May 12. The limited decline in price had been predicted in some quarters, attributed to the possibility that holding the coin might yield yet further perks or advantages in future—potentially including access to Trump. In establishing an explicit quid pro quo—a large investment in exchange for a dinner with the president—the competition effectively turned TRUMP into a so-called utility coin. That idea is underscored by the rewards program teased by the organizers. 'The market will expect further utility to come from holding that coin,' Nathan van der Heyden, head of business development at crypto company Aragon, told WIRED in April. 'Before, you were speculating on a TRUMP coin with no utility. Now you're speculating on future access to Trump. That has to be worth a bit more money.'
Forbes
04-04-2025
- Business
- Forbes
Insights From BitMart's CEO On Navigating Security And AI
In an industry where longevity is rare, cryptocurrency exchange BitMart celebrates its seventh anniversary amid a landscape marked by volatility, security challenges, and rapid technological evolution. CEO Sheldon Xia has steered the platform through multiple market cycles to build what is now a global operation serving over 10 million users across 200 regions and countries. As exchanges face heightened scrutiny following the recent $1.5 billion Bybit hack, Xia's emphasis on foundational security measures and user empowerment offers insights into sustainable exchange operations. I sat down with Sheldon earlier this month in Hong Kong, where his team gathered to plan 2025 strategies, to discuss the platform's focus on balancing global reach with localized experiences. With annual trading volumes now reportedly exceeding $3 trillion, Xia sees AI integration as the next frontier for cryptocurrency exchanges in 2025, potentially redefining trading experiences for both newcomers and experienced traders. In the wake of North Korean hackers compromising Bybit's systems, security has become the primary concern for crypto exchanges and users alike. For Xia, robust security isn't a response to industry events but has been Bitmart's core philosophy since day one. "Security is always the bigger step before any change at BitMart. It's not an afterthought, it's the foundation of everything we do," Xia explains. BitMart implements a multi-layered defense framework that includes a hybrid hot and cold wallet structure, multi-signature technologies, and advanced protocols like WAF, XDR, and CWPP. The platform has also formed strategic partnerships with third-party security firms to fortify its systems. Speaking with Xia, he said 'the recent Bybit breach reinforced our vigilance. Our third-generation trading system strengthens order execution integrity and protects against data vulnerabilities." Beyond infrastructure, BitMart enforces mandatory two-factor authentication and provides anti-phishing codes for individual users, with institutional-grade custodial solutions available through partners like Copper, Fireblocks, and Cobo. Xia acknowledges the evolving nature of security threats. "Hackers get smarter, so we get tougher. We're continuously enhancing risk controls to ensure we remain a fortress of security for our 10 million users.' Where many exchanges rely on a one-size-fits-all approach, BitMart has 'deliberately focused on making its platform feel like home to users across diverse markets', Xia explained during our conversation. BitMart currently supports over 90 fiat currencies and offering services in 11 languages has allowed the platform to build substantial user bases in both established and emerging markets. "We focus on providing truly localized capabilities," Xia explains. 'It's not just about accessibility, it's about making every user feel at home, whether they're in the European Union, Latin America, or the MENA region.' This dual focus on regulatory-mature markets like the EU alongside high-growth regions has driven the platform's expansion to 200 regions and countries. The exchange maintains this global-local balance through nearly 100 offline events across Asia, Europe, and South Africa and active engagement on social platforms where user feedback directly shapes platform development. "The European Union is a priority as its regulatory landscape matures," says Xia. "At the same time, we're seeing explosive opportunities in MENA and LATAM regions where demand for crypto adoption perfectly aligns with our mission,' Xia revealed amid our chat in Hong Kong. Perhaps most distinctive in BitMart's approach is its commitment to transforming users from mere customers into active stakeholders through its "Stake to Vote" mechanism. "Our Stake to Vote feature is a game changer," Xia says. 'Users stake BMX, our platform token, to influence token listings, making them co-creators of our future.' This community-centric philosophy extends to BitMart's technological innovations. The platform recently launched its third-generation trading system, reducing order processing time from 20 milliseconds to just two milliseconds and handling up to 80,000 orders per second—a considerable achievement for a platform with trading volumes in the trillions. Xia emphasizes during the interview that 'engagement is further strengthened through incentive structures' including a seventh-anniversary campaign featuring a sizable prize pool, alongside regular airdrops and staking rewards programs that foster user loyalty across their global community. Looking ahead to 2025, Xia sees artificial intelligence as the transformative force that will redefine cryptocurrency trading and potentially bridge the gap between digital assets and traditional finance. "AI integration will be a major focus in 2025," Xia reveals. 'We're rolling out smart analytics, automated trading tools, and personalized user experiences that will make trading more intelligent and efficient.' As a former programmer, Xia brings technical insight to his vision of AI's impact. 'What excites me most is how emerging technologies like AI can redefine finance through predictive trading models, smarter risk management, and personalized investment strategies.' Beyond AI, Xia is monitoring developments in the tokenization of real-world assets and metaverse integration—technologies he believes "have massive potential to bridge digital and physical economies, unlocking entirely new financial opportunities." As BitMart celebrates seven years in an industry where few exchanges survive even half that time, Xia's approach balances technological innovation with security fundamentals and user empowerment. The platform's ability to navigate regulatory complexity across multiple jurisdictions while maintaining a strong security posture offers a blueprint for sustainable exchange operations. "We're building a platform that will define the next era of finance," Xia concludes. 'At the heart of everything we do is user empowerment, whether through advanced trading tools or new earning avenues. We will keep pushing boundaries to drive financial inclusion globally, all while maintaining our edge with top-tier security.' BitMart's steady focus on security, localization, and forward-looking innovation suggests that the most resilient exchanges may be those that balance technological advancement with user-centric fundamentals.
Forbes
04-04-2025
- Business
- Forbes
Interview With BitMart CEO On Navigating Security And AI Revolution
In an industry where longevity is rare, cryptocurrency exchange BitMart celebrates its seventh anniversary amid a landscape marked by volatility, security challenges, and rapid technological evolution. CEO Sheldon Xia has steered the platform through multiple market cycles to build what is now a global operation serving over 10 million users across 200 regions and countries. As exchanges face heightened scrutiny following the recent $1.5 billion Bybit hack, Xia's emphasis on foundational security measures and user empowerment offers insights into sustainable exchange operations. I sat down with Sheldon earlier this month in Hong Kong, where his team gathered to plan 2025 strategies, to discuss the platform's focus on balancing global reach with localized experiences. With annual trading volumes now reportedly exceeding $3 trillion, Xia sees AI integration as the next frontier for cryptocurrency exchanges in 2025, potentially redefining trading experiences for both newcomers and experienced traders. In the wake of North Korean hackers compromising Bybit's systems, security has become the primary concern for crypto exchanges and users alike. For Xia, robust security isn't a response to industry events but has been Bitmart's core philosophy since day one. "Security is always the bigger step before any change at BitMart. It's not an afterthought, it's the foundation of everything we do," Xia explains. BitMart implements a multi-layered defense framework that includes a hybrid hot and cold wallet structure, multi-signature technologies, and advanced protocols like WAF, XDR, and CWPP. The platform has also formed strategic partnerships with third-party security firms to fortify its systems. Speaking with Xia, he said 'the recent Bybit breach reinforced our vigilance. Our third-generation trading system strengthens order execution integrity and protects against data vulnerabilities." Beyond infrastructure, BitMart enforces mandatory two-factor authentication and provides anti-phishing codes for individual users, with institutional-grade custodial solutions available through partners like Copper, Fireblocks, and Cobo. Xia acknowledges the evolving nature of security threats. "Hackers get smarter, so we get tougher. We're continuously enhancing risk controls to ensure we remain a fortress of security for our 10 million users.' Where many exchanges rely on a one-size-fits-all approach, BitMart has 'deliberately focused on making its platform feel like home to users across diverse markets', Xia explained during our conversation. BitMart currently supports over 90 fiat currencies and offering services in 11 languages has allowed the platform to build substantial user bases in both established and emerging markets. "We focus on providing truly localized capabilities," Xia explains. 'It's not just about accessibility, it's about making every user feel at home, whether they're in the European Union, Latin America, or the MENA region.' This dual focus on regulatory-mature markets like the EU alongside high-growth regions has driven the platform's expansion to 200 regions and countries. The exchange maintains this global-local balance through nearly 100 offline events across Asia, Europe, and South Africa and active engagement on social platforms where user feedback directly shapes platform development. "The European Union is a priority as its regulatory landscape matures," says Xia. "At the same time, we're seeing explosive opportunities in MENA and LATAM regions where demand for crypto adoption perfectly aligns with our mission,' Xia revealed amid our chat in Hong Kong. Perhaps most distinctive in BitMart's approach is its commitment to transforming users from mere customers into active stakeholders through its "Stake to Vote" mechanism. "Our Stake to Vote feature is a game changer," Xia says. 'Users stake BMX, our platform token, to influence token listings, making them co-creators of our future.' This community-centric philosophy extends to BitMart's technological innovations. The platform recently launched its third-generation trading system, reducing order processing time from 20 milliseconds to just two milliseconds and handling up to 80,000 orders per second—a considerable achievement for a platform with trading volumes in the trillions. Xia emphasizes during the interview that 'engagement is further strengthened through incentive structures' including a seventh-anniversary campaign featuring a sizable prize pool, alongside regular airdrops and staking rewards programs that foster user loyalty across their global community. Looking ahead to 2025, Xia sees artificial intelligence as the transformative force that will redefine cryptocurrency trading and potentially bridge the gap between digital assets and traditional finance. "AI integration will be a major focus in 2025," Xia reveals. 'We're rolling out smart analytics, automated trading tools, and personalized user experiences that will make trading more intelligent and efficient.' As a former programmer, Xia brings technical insight to his vision of AI's impact. 'What excites me most is how emerging technologies like AI can redefine finance through predictive trading models, smarter risk management, and personalized investment strategies.' Beyond AI, Xia is monitoring developments in the tokenization of real-world assets and metaverse integration—technologies he believes "have massive potential to bridge digital and physical economies, unlocking entirely new financial opportunities." As BitMart celebrates seven years in an industry where few exchanges survive even half that time, Xia's approach balances technological innovation with security fundamentals and user empowerment. The platform's ability to navigate regulatory complexity across multiple jurisdictions while maintaining a strong security posture offers a blueprint for sustainable exchange operations. "We're building a platform that will define the next era of finance," Xia concludes. 'At the heart of everything we do is user empowerment, whether through advanced trading tools or new earning avenues. We will keep pushing boundaries to drive financial inclusion globally, all while maintaining our edge with top-tier security.' BitMart's steady focus on security, localization, and forward-looking innovation suggests that the most resilient exchanges may be those that balance technological advancement with user-centric fundamentals.
