1/ The current situation is the classic result of the 'proxy investment' model. When coins/stocks go up, the proxy investor pockets the gains and tosses a few crumbs to downstream retail investors. When they go down, retail investors are left holding the bag. How do they lose? They don’t—it's a win-win for them either way. 2/ xStocks has lost all credibility in the space. In theory, they should have signed legally binding agreements with upstream underwriters like Goldman Sachs. It’s unacceptable to find out at the last minute that there’s no allocation—'we're sorry.' They’ve treated everyone in the crypto community like fools. 3/ Right now, xStocks, Kraken, and other distribution channels like Bybit, Bitget Wallet, and Binance haven’t issued official statements. The news is being passed around by a Kraken employee in the Chinese community. Her hard work and communication in the community over the past few days deserve a better opportunity—crypto exchange bosses, go recruit her! @CryptoNataNata (Binance-certified alum). 4/ U.S. stocks and crypto are merging. The ideal scenario I’m hoping for is: In the future, primary market fundraising for tech companies happens on-chain. Secondary market TGE/IPOs also happen on-chain. Allocation subscriptions are secured via smart contracts. May there never be another xStocks-like disaster again. 5/ This time, the entire crypto community got played. An IPO that broke six historical records. We weren’t just chasing allocations (and risking post-IPO price drops), We were witnessing history. https://(x.com)/Sea_Bitcoin/status/2065432512856461597 Now, it’s time to return to crypto-native principles. Stand tall and proud.