The crypto world has been hit with another blow.

Exchanges are using SpaceX IPO as a gimmick, promoting "ordinary people can also participate in the primary market," and many rush in to buy new issues.
But the final outcome is a complete failure: the vast majority of investors' subscriptions fail, the underlying equity quotas are insufficient, and the exchange refunds all subscription principal back to the original route, but the fees generated from participating in the new issue are not refunded, causing many to lose hundreds of dollars out of thin air.
Self-proclaimed smart investors suffer even worse losses.
Seeing SPCX surge sharply before the market opens, many short contracts to hedge, trying to offset spot gains and secure risk-free profits.
As a result, the spot cannot be delivered into the account for a long time, while the short positions are pushed up on the market, leading to liquidation, and a double loss situation where both spot and futures are losing.
Compared to the paper losses, this incident truly exposes the long-standing RWA narrative in the crypto space.
In the past, the industry repeatedly touted bringing U.S. stocks on-chain, asset tokenization, and 24/7 on-chain settlement, claiming to connect traditional finance with the crypto market.
But this accident straightforwardly reveals the truth: currently, custody, clearing, cross-market settlement, and cross-border regulation are completely disconnected.
Tokens representing stocks bought on exchanges are not truly the corresponding U.S. stock ownership; they are just centralized IOU notes issued by the exchange.
In a bullish market, assets can circulate and trade normally without anyone scrutinizing ownership;
but once quotas are short or underlying settlement fails, all hidden risks are exposed.
Users do not own the underlying assets and cannot independently settle or withdraw, bearing the exchange’s counterparty risk throughout.
The longer you’re in the game, the clearer it becomes: the biggest risk in crypto is never market fluctuations.
It’s thinking you’ve bought real assets, only to find out that, from start to finish, those assets never truly belonged to you.
For those who don’t play虚的 (虚的 means "虚幻" or "虚假," implying false or illusionary things), and want to avoid pitfalls and earn steadily, don’t go alone in the crypto world.
Keep up with the rhythm, and I’ll show you how to make steady money with a winning strategy! $BTC