Recently, the loss incident of a prominent figure in a DeFi project has once again exposed the chronic issues of the current crypto market - the systemic problems of meme coins and "celebrity halo" projects.

On the surface, it appears to be an individual's operational miscalculation, but in essence, it points to deeper risks: a highly centralized token mechanism, rules that can be arbitrarily modified, and chaotic information disclosure. What investors are truly investing in is not innovative technology or ecological value, but rather the illusion of celebrity effect and rising expectations. As long as someone endorses it, a large amount of capital rushes in, and in the end, someone always becomes the bag holder.

This case serves a clear alarm for all participants: in the on-chain world, even top players can stumble, let alone ordinary investors. What really deserves caution is not whether a particular project will crash, but rather the entire ecosystem's lack of transparent governance mechanisms and immutable rules.

When choosing an investment target, rather than looking at who is backing it, it is better to check if the code is open source, if the contract logic has been audited, and whether the community governance is truly decentralized. Projects that rely on celebrity endorsements often cannot withstand scrutiny.