#DeFi社区信任危机 Seeing this incident with Circle, the first thought that came to my mind was the ICO chaos of 2017. Back then, we saw so many glamorous whitepapers, so much grand fundraising news, and in the end—most of them vanished into nothingness.

Fake press releases issued in the CEO's name, citing specific product names and token symbols—these tactics are nothing new. Multi-level marketing schemes did the same over a decade ago, and so did the air coins later on. The only difference is that back then, information flow was slow; now CoinDesk can expose it instantly.

What’s even more heartbreaking? Is the size and reputation of Circle itself. This isn’t some unknown project, but a key player in the stablecoin sector. Even such a leading project has become a "brand tool" for fraudsters, which shows how fragile the trust foundation of the DeFi community has become.

I’ve experienced too many cycles of bull and bear markets. Every time the market heats up, such incidents pop up. The difference is—years ago, we were more easily fooled by stories; now, at least some people are seriously verifying. But this precisely highlights the severity of the problem: if only project teams can clarify the truth by actively debunking rumors, how difficult is it for retail investors to make correct judgments?

The most worth reflecting on in this incident isn’t just the misuse of Circle’s name, but the vulnerability of the entire ecosystem— the boundary between false information and real information is becoming increasingly blurred. What we need isn’t more "persona crafting," but truly verifiable, transparent mechanisms. I’ve said this many times before, but every time a similar incident occurs, I feel it becomes more and more necessary.