Some Chinese cryptocurrency projects in the crypto circle frequently encounter issues, with astonishingly similar tactics. They usually start by using "policy support" and "authoritative recognition" as packaging to gain trust, then throw out outrageous growth expectations and future plans, invite celebrities for endorsements, and encourage users to invite others, gradually pulling participants into the scheme.

What is most shocking is the low level of professionalism among the project teams. Some whitepapers contain data that contradicts themselves, and more egregiously, they directly copy the copywriting of projects that have already run away, without even making any changes—such as a certain coin that did this. Whitepapers of such projects are often either chaotic in logic or cobbled together from various sources, making them hardly credible.

The problem is that, in the early stages, some people may indeed have made money. This "survivor bias" easily leads people to overestimate their judgment. But from the data, the ultimate fate of these projects is basically fixed. Short-term gains are definitely not worth risking long-term principal.