A well-known encryption financial project froze 272 Wallets three months ago, citing the prevention of Phishing and suspicious transactions. One of the Wallets was linked to an industry insider by on-chain analysis tools and was marked for having abnormal flows, and it remains locked to this day. The parties involved deny any violations.

The project party emphasized that this is not an action against any individual, but rather a consideration for the overall security of user assets. However, the data tells another story - according to tracking by Bubblemaps and Arkham Intelligence, the frozen assets have shrunk by over $60 million since September, with a current valuation of about $74 million.

This event touches on a pain point: who supervises the governance of on-chain finance? When the project party has the power to freeze assets, how can transparency and accountability be ensured? The promise of tokenized finance is decentralization and autonomy, yet in reality, scenes of power concentration often play out. This current deadlock perfectly reflects this contradiction.