How did this market end up like this? To put it bluntly, not a single player is clean.

VCs only care about their exit multiples, project teams focus on launching tokens to cash out, exchanges turn a blind eye after collecting listing fees. And what about the media and influencers? As long as they get traffic, they don't care at all about what they're promoting. The funniest part is the retail investors themselves, clinging to dreams of 100x returns and refusing to let go.

Everyone trampled over the bottom line together, and yet they call it "community culture."

At the core, it's just one issue: this industry is way too friendly to scammers. Everyone is betting that they're not the next one holding the bag, but in the end, each person realizes—they could all be that unlucky one.