Why are retail investors hesitant to enter crypto recently? FTX (exchange collapse) told them: Even big exchanges can run into trouble. LUNA/UST (Terra stablecoin system) told them: High-yield stablecoins can go to zero. Bridge hacks told them: Cross-chain assets aren’t inherently safe. Wallet phishing told them: Self-custody doesn’t automatically mean security. Projects with low circulation and high FDV told them: Listing might just be a trap for VC exit liquidity. Airdrop farming (grinding for airdrops) told them: Even hard work interacting can get wiped out by anti-sybil rules.