The impact of the 1011 incident is far scarier than everyone expected. In our circle, we often joke that 'the crypto world is a scam market,' and there's nothing wrong with that. After 1011, altcoins were liquidated in an abnormal crash, Binance adjusted prices (this has been clarified, there were reasons for it), and almost none of my friends who trade crypto posted anything. This time, quite a few people did, and outsiders have solidified the idea that the crypto world is a 'complete and utter' scam market. It’s going to take a long time to recover, and if it turns into a bear market, it wouldn’t be surprising.