Gate News bot message: According to Gate's official announcement on March 18, 2026 Gate launches the "Crazy Wednesday" activity, running from March 18, 2026 at 14:00 to March 22 at 16:00 (UTC+8). Users can unlock blind boxes by completing multiple tasks including flash swaps, spot trading, contract trading, and deposits. Prizes include FOGO tokens, lucky bags, and Leica cameras, with a 100% win rate. During the event, the platform offers a USDT 14-day fixed wealth management product with 8% annualized yield. New users can enjoy a 3-day 100% annualized yield bonus. Additionally, surplus asset wealth management products are available including 0G, APT, AZTEC, and IDOS, with maximum annualized yields reaching 300%. Users who stake BTC, ETH, and SOL can enjoy up to 16% annualized yield, with SOL staking of 0-1 eligible for 16% annualized returns. All rewards will be distributed within 14 business days after the event concludes.

Trader CryptoD on the X platform stated that the Bags project suffered losses due to over-reliance on news and an unstable team personality. The project is mostly a Web2 team reorganization, with limited growth potential. In comparison, he believes AI projects have greater potential and can grow together with the community, which is the true model that cryptocurrency needs.

According to Foresight News, BAGS ecosystem tokens generally declined, with Gas market capitalization dropping from a peak of $66.3 million to $17.54 million, a decrease of 40.79%; RALPH market capitalization falling to $27.32 million, a decrease of 34.45%; TERRA market capitalization dropping to $699,900, a decrease of 83.1%; and CMEM market capitalization falling to $1.53 million, a decrease of 58.97%.

According to RootData, in the past 7 days, the membership-based project Bags has become the project with the most new followers of X (Twitter) Top figures, attracting the attention of several well-known figures in the cryptocurrency space.

PANews, November 19 news, according to the announcement from the U.S. Department of Justice, California man Kunal Mehta admitted to participating in a Crypto Assets fraud ring and pleaded guilty to violating the RICO Act, assisting in Money Laundering of at least $25 million. The group used social engineering techniques to steal $263 million (now estimated at $385 million) worth of crypto assets across the U.S., spending it on luxury expenses such as sports cars, nightclubs, watches, bags, and private jets. Mehta utilized shell companies to purchase and hold LAMB, Rolls Royce, and other luxury cars for the gang to conceal the true identification of his underage accomplices.