A short-selling report about the US stock marketing platform has sparked quite a bit of discussion. The report exposed a fairly complete chain of criminal activity:

Let's start with the first link. A certain group used multiple shell companies to open accounts on the platform. The funds behind these accounts actually came from scams—specifically, black money obtained through crypto "pig butchering" scams. Sounds pretty rampant.

Looking at the second link, it gets even more outrageous. The group then directly approached the platform, ostensibly to purchase large advertising services and run ads for gambling applications, but in reality, it was a disguised form of money laundering. In other words, they converted crypto assets obtained from scams into legitimate business transaction records through advertising campaigns on this platform.

This incident exposes a sharp issue: when dirty scam money from crypto flows into the traditional business ecosystem, are the platform's review mechanisms truly effective? For Web3 investors, this is also a reminder—the flow of scam funds is often more covert than expected.