Seeing so many people on the timeline using compliance issues to bash a certain leading company, both men and women, locals and foreigners. This scene feels oddly familiar. It reminds me that the entire industry has been in a clear downturn over the past two years. At some of the small industry dinners I’ve attended, when everyone’s feeling down, the common complaint always seems to center around this. Technically, outsiders don’t have the right to criticize private companies. If you like my product, use it; if not, then leave. But the problem is, when a company becomes the industry leader, it naturally has the responsibility to lead the industry. With great power comes great responsibility. It’s like if SpaceX were to collapse now, the global Mars industry would be put on hold for the foreseeable future. A year or two ago, this company was the absolute leader in the industry. Countless peers and entrepreneurs were scrambling to curry favor with its leader every day. Back then, it didn’t lead the industry with the right values or educate users on which projects were truly worth supporting. Instead, under the guise of platform neutrality, it launched a bunch of high-FDV, low-liquidity pump-and-dump projects, including some from friends and family. They played the roles of both referee and player. The result was predictable: scammers and founders got rich, users suffered, and genuine entrepreneurs were buried. Ultimately, the entire industry went down with it. The market now views all crypto projects as scams, and the entire industry’s professionals are ashamed in front of outsiders. This isn’t hate—I’m even a VIP user. It’s just a pity to witness the end of an era.