At 2 a.m. on December 10th, a Meme coin named LUIGI opened on pupm.fun and quickly landed on the popular Moonshot platform within about 30 minutes. Amid speculation in the 'conspiracy' or 'big golden dog' market, its Market Cap quickly rose, reaching nearly 80 million US dollars at one point. Subsequently, the news of 'Luigi Nicholas Mangione, CEO of the largest insurance company in the United States, being shot by digital nomads' spread like wildfire. Once again, another 'news hot Meme coin' attracted countless market attention, and more information about the sensitive factors involving American health insurance, social justice, and illegal sanctions behind this event gradually surfaced, leaving people sighing with emotion.

On the third day of the incident, let's review together the 'tragedy of the American health insurance industry' and understand the love-hate relationship between Meme coin and news from another perspective.

When a man named Luigi decides to commit a murder: the story of the CEO shooting incident

On December 4th, this time designated as "Constitution Day" in China, is just an ordinary day in the United States.

Of course, for UnitedHealthcare, the largest health insurance company in the United States and the second largest in the world in terms of revenue, this day is not ordinary, because what is about to begin is the annual investor conference of this American healthcare insurance giant.

At that time, Brian Thompson, the helmsman of the industry giant and CEO of the company, will share the proud achievements of the company this year with people from all walks of life. After all, in the Fortune 500 list in 2024, the parent company of UnitedHealth Insurance, UnitedHealth Group, had an annual revenue of up to 371.622 billion US dollars, ranking eighth in the world, even more than Berkshire Hathaway, a well-known company owned by Buffet, with an additional 7.14 billion US dollars. The previous one is the global technology giant Apple; its Market Cap once reached 560 billion US dollars, covering nearly 50 million US citizens. He certainly has the reason and qualifications to be proud of his own and the company's achievements.

Fortune magazine selection - United Health Group ranked 8th

6:45 a.m., facing the slightly chilly air in Manhattan, Brian Thompson was about to go to the Hilton Hotel where the conference was held. Since it was not far from his hotel, he chose to walk there and did not arrange for security personnel. Although he had received several death threats before, for him, who had been working in the United Health for 20 years, such threats had become commonplace and he never took them seriously.

Just as he was casually walking down the sidewalk as usual, an accident occurred - a masked man in a black hooded jacket and a gray backpack suddenly appeared behind him like a ghost, and fired several shots from his 9 mm silenced pistol, hitting him in the back and calf. The man then walked through an alley and quickly fled the scene, where witnesses said he rode an e-bike into New York's Central Park.

At 6:48 am, 3 minutes after the shooting, the New York police arrived at the scene and found several shell casings on the ground, which were inscribed with the words 'Deny, Defend, Depose' (some say Delay, Deny, Depose). These three words starting with D happen to correspond to an unwritten industry rule in the American insurance industry for handling insurance events - Delay: delaying the claims time; Deny: denying the claim; Depose: interrogating the policyholder in an attempt to make them abandon litigation.

7:04 AM, according to the surveillance video, he took a taxi to the bus terminal, and did not reappear in the surveillance video of the bus terminal, thus leaving New York.

At 7:12, less than 30 minutes after being urgently sent to the hospital, **Brian Thompson was pronounced dead after ineffective rescue. The leader of a billion-dollar business empire has thus become a lonely soul under the gun.

**As the news of the incident spread, the discussion in American society was boiling for a while. **

Some people regard it as a 'brazen killer'. After all, calmly killing and fleeing in broad daylight makes it hard to imagine such a cruel and ruthless bloodthirsty demon; some people think that 'shooting the CEO of the largest insurance company in the United States' may have other hidden motives, such a well-planned and clearly targeted crime, not excluding private grudges or other possibilities; Some people feel that this is just another reenactment of the 'gun killing incidents' that the American society has long been accustomed to, except this time the victim is no longer an ordinary civilian, but the CEO of a giant company.

And as time goes on, more news has gradually been disclosed:

On December 5, a police investigation found that the gunman had stayed at the HI New York City Hostel on Manhattan's Upper West Side, and had a brief conversation with a female staff member at the front desk check-in, to be precise, "they were flirting at the time, and then he (the gunman) took off [masks and other coverings] and put on a big smile." CBS News quoted a comment from a person linked to the New York police. **

Gunman talking to the front desk

On December 9th, about 450 kilometers from New York, at 407 East Altuna Plank Road, Pennsylvania, a McDonald's, a McDonald's employee reported to the police, upon a customer's reminder, that a man wearing a medical mask, a brimless hat, and carrying a backpack was suspected to be the 'New York Street Shooting Gunman.' When the police arrived, they found that his facial features matched those of the perpetrator, and confirmed during interrogation that he was a suspect in the 'December 4th CEO Shooting' incident, and subsequently arrested him.

It is reported that the man, Luigi Nicholas Mangione, is 26 years old, and is in possession of a firearm believed to have been used in the shooting of Brian Thompson on the 4th (which was later confirmed to be made by 3D printing, which also corroborates the reason for the previous jam). Police also found a three-page handwritten document in his belongings, in which Luigi wrote, "To federal personnel, I'll cut a long story short because I do respect what you have done for your country. In order to save you a lengthy investigation, I make it clear that I am not cooperating with anyone." In addition, he wrote in this handwritten document: "I apologize for any strife or trauma caused, but it must be done. Frankly, these parasites deserve it." **

"Weapon" of 3D Printing

And with Luigi's arrest, information about his identity and motives gradually emerged. At this point, people realized that the situation was far from being summarized as a 'normal shooting incident'.

When justice and morality collide head-on: chronic disease of the US medical insurance industry vs. patient claims for compensation

The incident has further escalated as the identity of Luigi Nicholas Mangione becomes increasingly clear, with the blame pointed directly at the current slightly abnormal US health insurance system.

According to netizens, Luigi Nicholas Mangione is an Italian-American who was born in Maryland, USA. He graduated from the prestigious private high school Gilman School in 2016 (the annual tuition fee of the school is as high as $37,000) and also served as a representative speaker for outstanding graduates. He graduated from the University of Pennsylvania, one of the Ivy League schools, in May 2020. He previously studied computer science and minored in mathematics, earning a Bachelor's and Master's degree in Engineering. He served as the chief counselor in a pre-college research program at Stanford University, and the electronic game development club he founded in college was also selected by the Computer Honor Society. He has interned at a famous AAA game company in the Civilization series and worked as a data engineer at the California car shopping website TrueCar. In 2023, he went to Hawaii to start his digital nomad life.

Later, someone found his Goodreads book list, which prominently featured Tim Ferries, a well-known investor and digital nomad advocate's "The 4-Hour Work Week." In addition, he wrote a lengthy review of "Industrial Society and Its Future," a book by the extremist, American mathematician, and infamous "Unabomber" Ted Kaczynski in January of this year. He mentioned: "It is easy to quickly and thoughtlessly regard this as a madman's manifesto. But it is impossible to ignore how prescient many of his predictions about modern society are...When all other forms of communication fail, violence is 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." It is worth noting that after his arrest, US police quickly blocked and hid all of Luigi's social media (but his X platform account @PepMangione was spared due to his long absence from posting), and his Goodreads book reviews were no exception.

Luigi's Goodreads Review

In addition to his personal experience, his family background has also been put under the spotlight. People have found that Luigi's family can be described as a well-known and prestigious family in the local area - his grandparents were real estate developers, the family owns numerous properties in Maryland, operates several nursing homes, and has two country clubs. His cousin, Nino Mangione, is a Republican member of the Maryland House of Delegates, and also served as co-chair of the Trump campaign team in Baltimore County. It is worth mentioning that after Luigi Nicholas Mangione's arrest, Nino Mangione posted on social media, saying: 'Our entire 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.'

A few weeks before the shooting, Luigi had been cut off from her family. According to his friends, Mangione underwent back surgery a few months ago, and the results of the surgery were not good, and the back pain caused him a lot of trouble in his daily life. Netizens speculated that he had spondylolisthesis based on his Goodreads bookshelf information.

According to netizens and information revealed by law enforcement officials to The New York Times, Mangione's handwritten declaration carried with him at the time of his arrest may contain the following content:

"To federal employees, I will be as brief as possible because I respect all that you do for the country. To save you the trouble of a lengthy investigation, I will be direct: I did not collaborate with anyone. It's quite simple: some basic social engineering, fundamental computer-aided design, and a lot of patience. If you find that spiral notebook, there are some scattered notes and to-do lists inside that can give you a general idea of the situation. My electronic devices are well-protected, as I work in engineering, so there may not be much information there."

I am deeply sorry for any conflicts or traumas caused, but it has to be done. Frankly speaking, these parasites are simply reaping what they sow. Just a reminder: the United States has the most expensive healthcare system in the world, yet our life expectancy ranks around 42nd. UnitedHealth is the [xxx]th largest company in terms of market capitalization in the US, second only to Apple, Google, and Walmart. It has been growing, but what about our life expectancy? No, the reality is that these [xxx] have become too powerful and continue to abuse our nation for massive profits, because the American public allows them to go unpunished. Obviously, the problem is much more complex, but I don't have enough space to elaborate, and honestly, I'm not the most qualified person to discuss this issue in detail. However, many people (such as Rosenfeld, Moore) exposed this corruption and greed years ago, and the problem still exists. It's no longer a matter of awareness, but clearly a game of power at play. Obviously, I am the first person to face it in such a straightforward manner.」

**Judging from his previous "elite resume," this statement is difficult not to evoke a sense of "tragic hero" sympathy, and the opposite of this sympathy is the cruel and relentless side of the American medical insurance system today.

It is understood that the proportion of medical and health care expenses to GDP in the United States has always been significantly higher than in other countries: According to multiple data summaries, the average hospitalization cost in the United States is as high as $22,500; the common appendectomy costs around $30,000 in the United States, while complex surgeries can easily cost hundreds of thousands of dollars. Without medical insurance, ordinary people simply cannot afford it; and the medical insurance in the United States is also difficult for people to easily accept.

A Gallup poll found that in 2023, about 81% of Americans expressed dissatisfaction with the cost of healthcare in the United States, the highest level in 16 years. KFF research shows that in 2024, the average healthcare cost for American families is $25,572, and the average healthcare cost for unmarried adult citizens is $8,951, an increase of 6% and 7% respectively compared to the previous year. Since 2000, except for a few years, the increase in medical insurance premiums has consistently exceeded inflation.

In addition, a 2023 survey by the American Medical Association found that 1/3 of physicians reported that the "approve first, then treat" prior authorization model implemented by Medicare companies has led to severe disease in many patients, with 94% of patients having delayed necessary treatment, 80% of patients choosing to forgo treatment, and 9% of patients becoming disabled or even dying. Not to mention, health insurance companies will also use various reasons, various procedures and claims processes as obstacles to reduce the cost of claims or even deny insurance in every possible way. It's no wonder that Jay M. Feinman, a professor at Rutgers University in the United States, published his 2010 book, "Delay, Denial, Defense: Why Insurance Companies Don't Pay Claims?" What can you do? The book was previously highly sought after. **

As for United Health Insurance Company with 140,000 employees, according to the financial website Value Penguin's estimation, its rejection rate can be as high as 32%. Almost one out of every three customers who file a claim is denied, which is twice the industry average (16%). The underlying reason for this can be attributed to Brian Thompson, who was promoted to CEO in 2021.

It is understood that since 2021, the refusal rate of United Health Insurance has been increasing: in 2020, this figure was 10.9%; In 2022, it doubled to 22.7%. In contrast, rising corporate profits were $12 billion in 2021; In 2023, that number grows to $16 billion. **You know, this is the company's revenue performance during the new crown period. **Meanwhile, Brian Thompson, CEO of UnitedHealth Insurance, earned $10.2 million, $9.8 million, and $9.6 million annually between 2021 and 2023, respectively.

Under the leadership of Brian Thompson, Unity Health Insurance also planned to refuse to pay emergency room fees it deemed 'non-essential hospitals' in 2021, but the plan was shelved due to excessive protests. At the investor conference in 2023, it also outlined the company's inclination to reimburse 'based on valuable care,' namely the care phase after hospitalization rather than the treatment phase.

Even so, according to a report from a permanent investigative committee of the U.S. Senate in October this year, United Health Insurance has been using AI tools and an algorithm called nH Predict to screen policies, with post-acute care being the most commonly rejected item, with an acute care rejection rate about three times the overall rejection rate. At the end of last year, the families of two deceased clients sued United Health Insurance, alleging that they deliberately used a defective algorithm to refuse to provide necessary extended care for elderly patients, with an error rate as high as 90%. A previous investigation by ProPublica also found that United Health Insurance effectively reduced or restricted some treatment costs using algorithms, jeopardizing the mental health insurance of many Americans. In California, Massachusetts, and New York, this practice by insurance companies is considered illegal.

**You know, American insurance companies have always been seen as "invincible money-sucking beasts", due to their numerous insurance regulations and powerful legal forces. After being denied claims, most people can only choose to accept reality, and only 0.1% of people will appeal the denial of claims.

When the cold and cruel social reality meets the seemingly passionate justice sanctions in a narrow road, the 'Robin Hood' heroic plot undoubtedly touches people's hearts more. This is also why many people, including some American media, are focusing on the United Health Insurance and the American medical insurance system, rather than the 'Luigi shooting the CEO' incident. Social media platforms such as X, Reddit, and Tiktok have been filled with slogans like 'FreeLuigi' and 'Free the man' in recent days. Some people even fabricated 'alibis' for him on news website comment boards and social media. What's more, some people have vented their anger at the McDonald's employee who previously reported and arrested Luigi, and the McDonald's restaurant unsurprisingly became the target of a 'collective attack' by netizens—many people gave it a one-star rating on map apps.

This McDonald's suffered a "terrible one-star review" due to public outrage.

Of course, not everyone will be blinded by this passionate 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 tell you, he is not a hero. The real hero in this story is the person who called 911 at McDonald's.'

In addition, a screenshot shared by netizens shows that Musk expressed his opinion on this matter on December 7th: 'It's disgusting, everyone is shaping that guy into some kind of folk hero. Insurance companies, like any other company, have a responsibility to maximize profits for shareholders, regardless of how ruthless the means are. The radical left who don't buy into this are still immature.' However, this tweet is currently not found under Musk's account, and it is suspected to have been deleted or Photoshopped.

Screenshot

There have also been different network messages that Luigi Nicholas Mangione may have committed this incident due to his mother's chronic back pain claim or his grandparents' medical insurance claim, and the specific situation still depends on further investigation by the US police. On December 10th, the New York police charged him with second-degree murder related to the death of the CEO of United Health Insurance, as well as 5 charges including forgery, false identity, and illegal possession of firearms. However, because different states in the United States have different laws and judicial systems, transferring fugitives between states may take several days or weeks.

When cryptocurrencies become a 'hotbed' of news, can speculative trading keep the hype alive?

According to GMGN data, as of the time of writing, the protagonist of this event, the Token LUIGI, is currently trading at a price of $0.015, with a market capitalization of approximately $15 million, a drop of around 80% from its high market capitalization of $78 million.

LUIGI Token Information

Just like Polymarket, the successful prediction market that predicted Trump's victory this year, Meme coins have become a kind of 'social hot spot indicator'. The squirrel and the related Meme coin PUNT, which were previously 'poisoned', even received high praise from Musk, saying 'a squirrel and a Meme coin saved America'. Although it may be an exaggeration, it still affirms the social news value of Meme coins. The Ethereum Meme coin MOODENG, which was inspired by the popular Tiktok animal image, the little hippo, is also a rare 'Mass Adoption' experiment in the cryptocurrency industry, as it donates to charity through tokens.

In addition, the popularity of news hotspots is also directly reflected in the market performance of a number of crypto coins, including Meme coin, but for many projects, pure speculation and hype can often only be a "wave of zero-sum game", and whether it can inject new vitality into news hotspots often depends on the lasting influence of a crypto coin project narrative.

LUIGI is just the intersection of Meme coin and news hotspots. Will there be more projects emerging later? Can Meme coin at that time push similar events to a different direction and outcome? Only time will tell us the answer.

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