In just 2 or 3 days, the various conflicts on Twitter have escalated to a fever pitch:

1. Zeng Ying was about to report Sun Yuchen but got banned, allegedly reported by Sun Yuchen’s “new girlfriend” Gu Ailing. You’re not mistaken; there are even rumors online that Gu Ailing is Sun Yuchen’s girlfriend;

2. Xu Ke was live streaming when another KOL exposed her, resulting in her breaking down and launching indiscriminate attacks, claiming Yi Lihua and Xu Jiayin are her underlings;

3. Xu Mingxing just finished a yin-yang session with Zhao Changpeng, and today OKEx was accused of being told to liquidate 50,000 Bitcoins, then faced various counterattacks—whether it’s a business war, we can’t really understand;

4. Yi Lihua suffered a nearly 1 billion yuan loss from long positions, then was criticized by multiple KOLs for her past “harvesting” experiences, but the truth remains uncertain;

5. The feud between the cult leader and Yan Chi reignited, with Binance and Wesley joining in, each releasing chat records, even digging up IDs;

6. Bitcoin plummeted to 60,000 and was believed to be caused by a collapse of a certain Hong Kong fund. Li Lin was so frightened he issued a late-night clarification, saying it wasn’t him;

7. Binance was once again hit with FUD, with rumors of the 1011 and large token withdrawal movements—initially intense, but ending anticlimactically;

8. A post-00s college student from Xiamen driving a Rolls-Royce scammed major KOLs in the crypto circle, earning 10 million USD in a week.

There are so many recent scandals, and they are interconnected—it's overwhelming. The root cause stems from the Bitcoin crash, where people can’t make money, with no members, no rebates, no business deals. Internal competition, infighting, and conflicts intensify. KOLs tearing each other apart and exchange wars will likely become the norm over the next six months.

When the bull market returns, everyone becomes a stock god and makes big money, feeling joyful, and the hostility naturally disappears. This is also a pattern of industry cycles.