#代币资产发行与投资 Seeing the case of Carl Lynch, my first reaction is not surprise, but a sense of familiar helplessness. I have seen too many stories like this over the years—smart people, wealthy individuals, those in control of discourse—once they come into contact with crypto assets, they lose their minds.

Four million dollars turning into twenty-seven million sounds like a perfect investment myth, but this is precisely the most dangerous moment. I witnessed similar celebrations in 2017 and 2021, each time following the same script: sky-high profits make people greedy, luck makes people numb, and ultimately, reckless spending becomes ironclad evidence in court. Lynch’s tragedy lies in treating this windfall as a given, rather than understanding the risk logic behind it.

What is truly worth reflecting on is why high-net-worth individuals are more prone to crashing in crypto assets. My observation is that they are accustomed to the rules of traditional wealth accumulation and lack reverence for market irrationality. Token assets are different from movie investments—they lack the creative aesthetic intermediate step, leaving only raw supply and demand, along with human greed and fear. Even a director who understands art may not grasp the underlying logic of this market.

From a historical cycle perspective, we see such cases after every bear market. Different eras, different names, but the story has never changed. This reminds us of a fundamental truth: sky-high profits are the biggest risk signals, not a source of investment confidence.