The reason for the crackdown by the authorities is probably related to the increasing number of people on social media platforms promoting crypto trading and referral commissions to attract new users. Just the other day, I happened to read an article on the Finance New First Line public account, and after reading it, I felt pretty bad. Portal: https://mp.weixin.(qq.com)/s/PfborWQocJUSrGoev2ogAQ The bad feeling isn’t because the article was poorly written, but because, as a heavy user of Xiaohongshu myself, I can clearly sense that there’s been a noticeable influx of crypto-related content over the past period. Especially those with impure motives trying to exploit newcomers, hyping up high-leverage contracts and get-rich-quick schemes—the points mentioned in the article are indeed true. With the market downturn over the past month, the number of people losing money has obviously increased. When more people gather, it’s easier for group incidents to form, which increases the likelihood of being noticed by the national stability departments and raises the risk of getting cracked down on. Although the industry has developed to the point where we don’t need to worry about being completely crushed by the iron fist, it’s still pretty frustrating if you get stuck dealing with issues like downloading on CEX, deposit/withdrawal, or KYC verification. I hope everyone keeps a low profile and develops cautiously. Especially during this period, don’t flaunt your wealth—don’t bring trouble upon yourself.