How determined is the exchange platform to combat fraud? You can see from this bounty — a leading exchange recently issued a bounty of $5 million to globally hunt down fraudsters impersonating "listed agents".

The story behind this is very heartbreaking. The trick of scamming money in the name of project listings has been popular in the crypto space for too long. The project parties are being misled and going in circles, while the scammers profit immensely. The platform can’t sit idly by anymore; this time it’s really going to take serious action.

In simple terms, this is not just about catching a few fraudsters. It is about setting rules for the entire industry—listings can only go through official channels, and third-party intermediaries are not recognized at all. In the name of truth, they have also published a blacklist, which includes institutions and individuals like BitABC and Central Research. Some people in the community say this is the "last day of wild intermediaries."

But there is a deeper meaning here. Why are exchanges so eager? Because they are in a critical expansion period, for example, the trading pairs in some emerging markets are surging, and trust needs to be paved. In other words, transparent, secure, and verifiable operational logic is becoming the core competitiveness of the platform.

This brings to mind changes on the asset side. Innovations like decentralized stablecoins essentially answer the same question—how to establish trust in a system without intermediaries? They achieve this through blockchain transparency of reserves, using algorithms to support stability, which aligns with the platform's logic of combating opaque operations.

The barbaric growth period of the crypto industry is coming to an end. As the biggest players start spending big to purify themselves, the industry is moving towards maturity - with clear rules, transparent mechanisms, and self-regulation. For those who believe that code is law, this is actually good news.