[StarkWare CEO: Characteristics of the Crypto Bear Market Cycle Have Changed] On March 25, StarkWare CEO Eli Ben-Sasson posted on the X platform, stating that the current crypto bear market cycle is entirely different from the previous 'fraud winter' triggered by the collapse of Terra, Three Arrows Capital, and the FTX incident. It is more akin to a 'bear hug from traditional finance.' He pointed out that, against the backdrop of warming regulations and the accelerated entry of mainstream financial institutions, short-term innovation momentum in the crypto industry is constrained, but long-term freedom and innovation will continue to drive the next wave of development.