To see if a project is serious about their work, I now first look at how the treasury spends: where the money flows, and whether the expenditures are "reusable" items. For example, audits, infrastructure, developer tools—these may not seem exciting in the short term, but the milestones align; on the other hand, if the majority of the budget is spent on "narratives" and various collaboration posters, with beautifully written milestones but the on-chain activity looks like no work has started, I will quietly dismantle the leverage.

Recently, hardware wallets are out of stock everywhere, phishing links are flying around, and everyone's security awareness has improved. But if the project team is truly working, at least they should have the official website entrance, signature prompts, and authorization management in place, so users don't accidentally fall into traps. To put it simply, the more restrained the treasury spending and the more verifiable the milestones, the more I dare to get closer.

I'm not regretful about the outcome, but about the fact that I saw the suspicious spending at the time and still stubbornly held on without pulling out.