Saw someone on Twitter saying Yixin had a financial scandal, Tang Ning got arrested, and the company is selling CRCL to recover funds. Did some digging— Yixin really did invest in CRCL. Back in 2016, during the Series D funding round at a $300M valuation, Yixin was listed among the investors. The Series D raised a total of $60M, and it’s estimated that Yixin contributed around $10M, probably holding about 3% of the shares. Based on the current market value, selling could bring in a profit of $500M–$600M. No wonder the stock shoots up within 5 minutes of opening recently, and then someone immediately sells off. Good news keeps coming, but people keep dumping shares. Makes sense now.