PLUME Tokenholders Rush for Exits After Co-Founder’s Untimely Death

Another ’decentralized’ project faces the harsh reality of human fragility—turns out even crypto isn’t immune to mortality.

Panic selling erupts as the market reacts to leadership vacuum. Because nothing screams ’long-term vision’ like a fire sale triggered by a single individual’s passing.

Bonus jab: At least the whales get their usual discount before the next pump cycle begins.

Massive PLUME Token Dumps

Plume, an RWA onboarding blockchain firm, has attracted considerable attention since YZi Labs invested in it this March. Over the last week, the company’s PLUME asset fell by 18%, and users began reporting a token dump today.

The firm announced the death of Plume co-founder Eugene Shen, presumably establishing a reason for this price action:

It is with heavy hearts that we share the news of a tragic loss within our company. Earlier this week, we lost our cofounder and dear friend, Eugene. We’re in shock. Eugene was brilliant, deeply curious, and brought so much talent and heart to everything he did. Our thoughts are…

Plume’s announcement didn’t specify a date or cause of Shen’s death, only that it took place last week. Still, this immediately clarified the PLUME token dump for some users, many of whom strongly condemned investors’ behavior.

Although PLUME had already been falling for several days, it experienced an additional 7.4% crash and a 145% increase in trading volume today. Presumably, Shen’s death caused today’s price actions.

However, alternate narratives also began circulating, even if they remained a minority position. Why did the price drop begin days ago?

It appears that several token holders are calling PLUME a scam token and the co-founder’s death a hoax. Yet, these claims have no evidence and show a rather unsettling display of public empathy.

Sad story:

Bought $Plume 5 months ago at $0.13 with a 2B circulating supply Didn’t sell at x2 ATH

Now it’s dipping hard after a 433M token unlock and the death of a team member—right before mainnet launch

Time to exit before they announce the death of @chriseyin or @teddyP_xyz https://t.co/qIGIqrhHch pic.twitter.com/kQcY6r7xki

Even if this was not a popular position, this jarring cynicism still shocked the crypto community. Sure, crypto scams are rampant right now, but would PLUME really fake someone’s death to dump tokens?

Defenders immediately began noting all Plume’s major investors, claiming that the company has a clear history and market presence.

This bizarre incident only highlights a rather hidden ugliness in the crypto community. Perhaps MANTRA’s fall damaged investor confidence for the entire RWA market, or maybe users are just growing tired of scams.

It’s bad enough that PLUME users dumped their tokens after a team member’s death, but it’s far more concerning that some people think it’s all a scam.