Plume Grieves Sudden Loss of Founder Eugene Shen

RWA company Plume mourns the loss of founder and CTO Eugene Shen, remembering him as a brilliant and curious leader. The company announced his passing on May 29, saying they are in shock.

Plume’s statement did not disclose the cause of death. 

The message said that Shen poured his heart into the project, and they remain committed to carrying out his vision.

Plume Team Pays Tribute to Shen 

Through separate posts, Plume team members and community members expressed their sorrow, sharing memories of the company’s founder and their friend. Co-founder and CEO Chris Yin said Shen was not only a brilliant engineer but also one of the most genuine people he knew.

While there are so many things going on in the world, everything pales in comparison,” said  Yin, adding, “Right now, the Plume team is in mourning and we are focused on taking care of and supporting each other over the next few days.

Yin said the company will follow up shortly, but for now, they are taking time to grieve and honor their loss.

In a later post, Yin thanked the community for their support noting that the team had been preparing for the mainnet launch in recent weeks and will continue working to carry out Shen’s vision.

Shen co-founded the Plume network in January 2024 with Chris Yin and Teddy Pornprinya. The platform has raised $30 million from Brevan Howard Digital, YZi Labs, Haun Ventures, Galaxy Ventures, and others to build out its ecosystem for tokenized real-world assets. Before launching Plume, he held engineering roles at Robinhood, dYdX, and Beluga, according to his LinkedIn profile.

PLUME Token Plummets After Shen’s Death 

Following the announcement of Eugene Shen’s death, the PLUME token dropped more than 10% within an hour. While the broader crypto market is also trending downward today, sentiment around Shen’s sudden passing appears to have heavily influenced the token’s decline.

At the time of writing, PLUME is trading at approximately $0.13, down 12% over the past 24 hours. The token’s market cap stands at over $276 million, with a 24-hour trading volume exceeding $90.2 million — a 275% increase within a day, according to CoinMarketCap.