MediCoin ($MEDI), according to a press release, is a utility token on the Base blockchain that allows users to purchase and invest in legal claims related to healthcare costs for which another party is legally responsible. These costs include personal injury claims, medical malpractice and defective medical device cases, and pharmaceutical cases. The coin officially launched on June 5, priced at ten cents per token.
"MediCoin is just getting started but already has a $50 million+ market value, 100,000+ users, and 50+ hospital partners," its website reads. "The platform is growing rapidly as more healthcare providers recognize the benefits of blockchain technology."
Because meme coins are often fueled by hype and social media buzz, some have turned out to be "rug pulls" — schemes where developers inflate the price and then cash out, leaving investors with worthless tokens. In late 2024, investors sued the creators of $HAWK coin, including internet star Haliey Welch, AKA "Hawk Tuah Girl," after its price soared, then quickly crashed, within hours of its launch.
Amid criticism of meme coins and their lack of regulation, the U.S. Securities and Exchange Commission (SEC) clarified that meme coins are not securities under federal law and, therefore, are not subject to federal regulation.
MediCoin appears related to Ruiz's medical claims recovery business, MSP Recovery. MSP Recovery went public in 2022 with a record-breaking $32 billion deal via a special purpose acquisition company (SPAC) merger with Lionheart Acquisition Corporation II, bringing Ruiz into the national spotlight.🔗 Visit https://t.co/OpcNgU1UMB to join the revolution! pic.twitter.com/90FNMTcKHY
— MediCoin (@MediCoinX) June 5, 2025
Soon after, the company's stock price dropped more than 90 percent from its initial $10 share price.
From mid-2021 to late 2022, he poured millions into NIL deals for 165 UM athletes, earning the moniker "Miami's NIL King." But he also landed at the center of a controversy — sparking the NCAA's first NIL-related investigation — after he invited two then-recruits, Haley and Hanna Cavinder, AKA the Cavinder twins, to his home for dinner.
Following financial difficulties in 2022, when the company fell well short of its $992 million annual revenue projection, it temporarily rebranded as LifeWallet. But its financial woes continued. In an August 2024 filing, the company told investors there was "substantial doubt about its ability to continue" to operate.
This past April, Ruiz filed a defamation lawsuit against the Miami Herald and two reporters in Miami-Dade County circuit court for alleged "false, misleading, defamatory reporting" that resulted in "reputational damage" for MSP Recovery and Ruiz and $5 billion in losses.
"The reporting falsely asserted that Mr. Ruiz and MSP Recovery were 'targets' of federal criminal and civil investigations—claims made without substantiating evidence and presented as fact to mislead the public," a press release announcing the lawsuit reads. "As a result, Mr. Ruiz and the company suffered substantial reputational damage, a loss of investor confidence, and disruption to key business relationships."
The press release claims that the Herald is part of a "broader agenda aimed at discrediting successful figures in the Cuban-American community," suggesting this is because of Ruiz's background as a "prominent Cuban-American entrepreneur" and University of Miami supporter.
"Despite the Miami Herald being provided verified evidence of Cano's baseless claims both in fact and in law, the Miami Herald failed to objectively state the facts or retract their reporting," the press release announcing the lawsuit reads.
The Athletic reported in July 2023 that UM student athletes' deals with MSP Recovery, operating then as Life Wallet, had expired or were set to expire by the end of the year. The athletes had fulfilled their portion of the deals and received payment. At the time, 80 percent of the NIL deals were instead through Canes Connection, UM Athletics' official NIL collective.As of Monday morning, 41 addresses held MediCoin, which has gone to zero.
