Websea exchange is currently unable to process withdrawals. The C2C channel is shut down, and it’s highly likely they’ve already run away. Websea’s main business—once again—has rolled out a “capital-protected copy trading” model: users follow along with the account manager’s trades, and even if they lose money, they can still get “principal compensation.” Old players have long since dismissed it with disdain. Only new rookies rush in blindly: “The contract market is so volatile—how can even professional institutions dare to promise capital protection? What right does a platform that’s been around for less than a year have to say that?” Websea was established in August 2023, right when the aftershocks of the previous round of exchange-runs were still lingering. “They come in during that hazy memory period—just when the victims have barely remembered the pain, they show up with a brand-new scythe.” They invited performers to appear on stage as part of the lineup while promoting it at the same time; after the conference ended, they immediately locked users’ coins. That whole routine feels all too familiar. Just a few days ago, Websea was in the spotlight at the Hong Kong Web3 conference, drawing massive attention—even spending money to invite Rola Takizawa and putting on a show. After the event, the vibe changed instantly: large numbers of users began reporting that they couldn’t withdraw their coins, and customer support started playing dead.