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The APU Experience

Don grills Alex on the Kraken delisting, the 23 billion APU left on Kraken, his exit from operations, Chainlink and the market maker, then Router, Odin and juice NFTs.

10/09/20261h 58m9 frensOriginal X Space

About this recording: Audio may be trimmed to remove silence, dead air, or other sections from the original X Space. The length and transcript timestamps may differ from the original.

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Overview

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Kraken has just delisted APU, and Don spends most of two hours putting Alex in the hot seat about it, to the point that he calls it an interview rather than a Space. Alex's case: the token still trades in nine places, about 23 billion APU still sits in Kraken wallets ahead of a February 2027 liquidation, and the delisting happened because the market maker stopped being paid. Don pushes back hard on the history: Alex leaving his operations role, his accusations against 5G, and the billion tokens he sold over Chainlink. Alex holds his ground on all of it. Router and Odin come up later, the talk drifts to juice NFTs and the floor price, and it closes with both of them saying they would rather hold APU to zero than sell.

Chapters

13
  1. 01

    • Barely a dent in the price, Alex says. The real hit was Green selling about 2 billion APU a couple of days earlier.
    • Exchanges are shipping their own on-chain apps to win back users from Moonshot and Robinhood. Kraken, Binance and Coinbase wallets all still support APU, as do Wealthsimple, Gate, Hyperliquid, Uniswap and Jupiter.
    • Listings follow popularity, not the other way round: if a coin pumps, people learn to use Uniswap fast, which is how Alex says he found APU.
  2. 02

    • His first buy was April 8, 2024, around an 80 million market cap, with an average near 50 million. He put in close to $3 million and says he is down about $2.8 million.
    • No price target, only a time target: start exiting near the top of the next bull run, which he puts at Q3 or early Q4 of 2029 if the four-year cycle holds.
  3. 03

    • Three Kraken wallets hold roughly 9.5, 8.5 and 5.2 billion APU. Anything customers haven't withdrawn by February 2027 gets sold on chain.
    • Liquidation is still selling and still hits the chart, Don objects. Alex says he and the other whales will buy whatever comes out, and that the recent run to 10 million and back absorbed about 16 billion tokens of selling: 10 billion from people who had bought Palladius's tokens and 6.5 billion from Green.
    • Psychologically it matters more. Alex compares it to Palladius's 2024 unlock, which dragged the price down for months while everyone waited, then marked the bottom once he sold.
    • Whales have limit orders down to 20% below market, betting that unsophisticated Kraken holders will dump instead of withdraw.
  4. 04

    • Tim has a proposal from a whale to revive Pawn Talk. Alex lists around ten community sites, including apuspaces.io, Apumon and Popcorn's merch store.
    • His vision has no top-down structure, and he complains that promoting a project across APU's socials means begging the High Council, who aren't interested right now.
    • Price is back at Palladius levels. Asked whether this is the bottom, Alex says APU's main pool is paired with Ethereum, so if Bitcoin and ETH drop, APU drops too.
  5. 05

    • Crypto Twitter has lost respect for Murad, Alex says, with people claiming he doesn't believe half of what he says.
    • If your thesis is "number go up", a falling chart disproves it, and the selling becomes reflexive. A prolonged bear could see SPX bleed its market cap back into the coins it took liquidity from.
  6. 06

    • Predatory, "like a multi-level marketing scheme", is how Alex describes listing: agents waive the listing fee, charge a marketing fee, put you through weeks of KYC, then you still pay a market maker.
    • Popular coins get listed for free with exchange-run market makers. His example is SPX, which did well before any exchange listed it.
    • Emily, a caller, asks to be let back into the APU chats after being kicked repeatedly. Alex points her to the Apu Capital Flow Telegram, where most of the group now talks.
  7. 07

    • July 4, 2026 is when Alex left the role. He says it was "director of operations", taken on after Jim left, with no final say: ideas went to the team and needed consensus.
    • He told the High Council (5G, Bain and Zizo) and says he left the other chats when he "realized that 5G was stealing all the money". Don shuts that down: "We're not going there."
    • Alex's counter to "they took it from nothing": a chart of the official account's announcements, two or three a month until January 2026, none from February to July, then one each in August and September. He says he'll post it in Capital Flow.
  8. 08

    • Don raises the billion tokens Alex sold over Chainlink. Alex's version: four months of Chainlink engineers "gaslighting" the team about a Hyperliquid bridge while LayerZero had a working product, so the bridge went to LayerZero.
    • Then Don reads out Alex's own message: if keeping Chainlink was entertained he would sell that day, and "sometimes strong actions need to be taken". Alex says he stands by it and would do it again.
  9. 09

    • Alex says 5G stopped paying the market maker, so APU missed Kraken's KPIs. Don asks him to stop blaming 5G, and Alex rephrases it as "someone stopped paying the market maker".
    • Volume isn't enough: exchanges also want a tight spread and order book depth, which the market maker supplies from inventory the project provides. That inventory had dwindled too far to trade with.
    • Most holders, whales included, are already down 90%, so the community didn't step in. Alex's software market maker, started when the problem surfaced, wasn't ready in time.
    • Kraken gave no warning, but the end came about three months after the market-maker contract ended. Asked about coins that ran after a tier-one delisting, Alex finds Bonk, dropped by Binance in 2024.
  10. 10

    • Don asks why Alex gets so much hate. It turns into an argument over "stealing" versus Don's "mismanaging funds", with the community wallet at about 380 million APU, before Don asks to drop it.
    • It started with ImageShack, Alex's first company: forum members who brought it into new communities got a signature badge, and he says that helped make it the seventh-biggest site from 2005 to 2007.
    • For APU, the plan was to get founders at partner companies to buy whale-sized bags and an NFT to show for it. Alex reads 5G's reply from August 6, 2025: "Count me in. I love this vision, Alex."
    • Launch day was September 17, 2025, during Powell's FOMC speech, by Alex's account.
  11. 11

    • Alex respects Green for selling his Chainlink to buy 6.5 billion APU, which he says proved his thesis that holders of VC-backed tech tokens would rotate into APU. He hopes Green stops putting good money after bad.
    • Everyone should sit down over wine and steak, Don suggests. Alex says the other side is welcome here, but he gets banned whenever they run a Space.
    • No Ethereum all-time high in Q4 2026, in Alex's view, maybe positive price action from Q1 2027. Tom Lee's targets look high to him.
    • One big holder Blew once interviewed is still holding APU. Alex reckons it's too small a position for him to worry about the delisting.
  12. 12

    • Router bought 3.3 billion APU for about $60,000 over a few hours, months ago, and Alex checked the wallet before believing it. Router thinks this is the bottom.
    • That proves sideline liquidity, says Alex: people who know APU and only need one green candle to come back in.
    • Router got into APU partly to keep tabs on Mr. One, who took over Cheese. Alex holds none of Cheese now, and Router calls him Cheese's public enemy number one.
  13. 13

    • Odin, who made Don's profile art, did about 95% of the move from apu.com to apu.io in roughly a day after Grape took the domain, according to Alex.
    • Odin explains the Blackcoin in his bio: he lost a bet with Maxi and doesn't endorse the coin.
    • In Alex's view APU NFTs are a geared long on APU. With the floor around $80, he sends Don a rarity-837 listing at floor price and tells him to buy the low-rarity ones.
    • Today is APU's all-time low, Alex thinks. Both say they would rather hold to zero than sell.