Crypto has ended up in this sorry state, and there's not a single innocent party.

VCs chase high-multiple exits, project teams issue tokens to cash out, exchanges turn a blind eye for listing fees, media and KOLs chase traffic and tokens, and retail investors worship 100x dreams. Collectively, “no bottom line” has become the industry culture.

It comes down to one thing: this space is way too tolerant of scammers.

Not only do scammers avoid being nailed to the pillar of shame, but they’re repeatedly crowned as the new narrative kings.

The result is that bad money drives out good, wave after wave of retail investors get fleeced, and only then do people realize: so-called “paradigm shifts,” “1000x potential,” and “fat protocols” are all just tricks.