Recently organizing address labels feels a bit like sticking indexes into a book: once labeled, it’s easier to find. But you know, some people might deliberately swap the book cover… As for on-chain profiling, I only trust it about 60–70% right now. Watching “fund flow clustering” is pretty satisfying—drawing a line through it can look like the truth. But in reality, a lot of it is just transfers, mixed together, especially things like cross-chain/multi-signature/exchange hot wallets, which can easily end up counting innocent parties as part of the same group.

On top of that, the whole “compound yield” scheme around restaking and shared security has been getting criticized as a layered “Russian nesting doll” trap, which has made me even more cautious. The same money loops around a few times, looking like funds from multiple routes—but it’s actually the same “leg” dancing. My approach is a bit crude: for each label, look for at least three kinds of evidence (interaction counterparties, the rhythm of time, and balance changes). If they don’t line up, mark it as “suspected” first. No rush to draw conclusions—just keep slowly filling in the gaps.