A friend approached me last week, hoping that I could help expose this matter, and there were more than one group of people involved. I have a general understanding of the situation and have specifically discussed it with the parties involved. I have heard both sides' opinions, so I can basically understand both sides' positions. The content that the denouncing party initially prepared to release was much sharper than what we see now. As a friend, all I can do is try my best to coordinate the situation. I hope everyone can explain the facts clearly and not let things turn into emotional confrontations. But in the end, there was still no way to avoid it. Both sides insist that they are just normal investors and have a large number of friends in the industry to help voice their opinions. A conflict of interest in a transaction ultimately turned into a public opinion debate. Setting aside the relationship between the two parties and their respective opinions, the most direct essence of this matter is still the competition between rival stocks. Some people believe that prices will continue to rise, while others believe that it is time to exit now. However, in the current altcoin market, liquidity is simply too poor, and a slightly larger sell order may directly plunge the price into a deep pit. The only one who ultimately suffered losses would not be the one who lost 1.7 million yuan. I casually searched on X and saw a large number of holders reporting serious losses during this decline. The ones who truly bear the losses are all those who remain on the field but do not have enough liquidity to exit. I don't know how many friends still remember, but I have written a series of articles about 'Dog Village' before. The game of raising, attracting funds, and quickly falling has been played countless times in the cryptocurrency industry. However, the current market makers are much smarter than before. Previously, there were people shouting orders, creating hype, and organizing community emotions, but now there is no need to do these actions anymore. As long as prices continue to rise, creating the illusion of sustained increase and easy profitability, new competitors will naturally enter the market proactively. The higher the price, the more people chase after it, the more funds enter the market, and the easier it is to transfer existing chips. So whether this sale came from DWF or other institutions is worth investigating, but I don't think it's the most crucial part of the whole matter. As long as it is a token issuance project and the token enters the exchange, there will basically be some form of market making arrangement behind it. Some market makers cooperate with project parties, some are funds that enter the market independently, some are purely speculative, and even some project parties themselves are directly involved in market making and price management. This phenomenon is difficult to completely disappear in the cryptocurrency industry. The most effective way for ordinary investors to avoid similar losses is still to try to stay away from "monster coins" with poor liquidity, concentrated chips, and abnormal price trends. In the eyes of market making funds, there is no such thing as a tailwind or a headwind. As long as it is not one's own chips and funds, it ultimately belongs to the opponent's market. Nowadays, many people see DWF as the last straw that overwhelms DEXE, believing that the sale of DWF caused the price collapse. But focusing only on the final blow to the plate may make everyone overlook more important issues. Before this sharp decline, who kept raising prices, creating a profit making effect, and attracting external capital in? Who controls the main chips and liquidity, and completes the chip transfer during the upward trend? Even if this sale really comes from DWF, it cannot prove that the previous rally, control, and chip allocation were all dominated by DWF. The person who truly earns a lot from the entire process is likely to be the market making force responsible for this project for the long term.