The fall of LIGHT coin taught everyone a lesson—and the most heartbreaking part is that the classroom for this lesson is filled with those who saw through it yet are still gambling.

The timeline of events is actually very clear. On December 19th, the team wallet deposited $2.4 million to the exchange. On December 21st, another $2.4 million was deposited. By the early hours of December 22nd, $6.4 million was directly dumped. Three tests, and the last one was to catch the net. The on-chain data is public and transparent, anyone can check the block explorer to see it. Yet retail investors still flocked in.

The most eye-catching thing is the trading data. This small DeFi project had a trading volume of $2.135 billion in 24 hours, surpassing SOL's $1.94 billion and nearly approaching BTC's level. A project that is not well-known has achieved trading volumes at the level of leading public chains — this is not due to the strength of the project itself, but rather a liquidity trap going wild.

Then it plummeted by 75%. This number is here; some people lost everything, while others escaped a disaster.

The real horror is not the market crash itself. In the crypto world, market crashes are quite normal. What’s terrifying is that the risk signals are glaringly obvious, yet retail investors still choose to charge ahead. Why is this the case? Three common misconceptions pull people in:

First, I don't think I will be the last one to take the fall.

Secondly, believing in various technical indicators can make you think you can perfectly time the market peak, as if the candlestick chart could speak.

Thirdly, staring at others' screenshots of making money, thinking that you can also make a wave.

To avoid these traps, remember three bottom lines: don't touch new coins with abnormally rising trading volumes. If you see the team wallet frequently depositing to exchanges, that's a flashing red signal of a dump. And the last point, the +10% you see in your account can turn into -50% within 10 minutes.

There are many opportunities in the coin circle, so many that some people are dazzled. What is truly lacking? It is those who can remain calm and hold their ground even when they see danger.