There have been quite a few interesting rumors in the crypto world lately, and the most widely circulated piece of news recently can be called the "ridiculous ceiling": Former LUNA founder Do Kwon, during his detention, actually hid a hardware wallet containing 10,000 mainstream coins in a place even prison guards wouldn't think of.

At first glance, my initial reaction to this news was to burst out laughing. But after laughing, I felt a bit sentimental—why can such obviously unsubstantiated rumors still ferment wildly within the community? Thinking carefully, the logic behind it is actually worth pondering.

Objectively speaking, this piece of news is riddled with flaws. The hardware wallet holding 10,000 mainstream coins would have a certain size, and considering Do Kwon's security checks during detention, it's hard to imagine smuggling in a wallet made of metal and electronic components, let alone a piece of paper without being noticed. Logically, this story doesn't hold water.

So why are so many people still spreading it? My observation is that there are mainly two driving forces behind it. One is the need for an outlet for the accumulated emotions during the bear market. When the market lacks clear upward logic and everyone is feeling anxious, a sufficiently outrageous and imaginative gossip story becomes the best "emotional venting tool." The second is irrational dissemination driven by information anxiety. In uncertain markets, people are more likely to believe and share "black material" because such content gives a psychological sense of "I have insider information."

This actually reveals an interesting phenomenon of the bear market: when investment opportunities are scarce, people's energy shifts to information curiosity. Uncertain rumors, exaggerated analyses, or even completely fictional stories can attract a lot of attention within the community. This not only creates noise but also easily traps people in an "information trap"—spending a lot of effort on trivial gossip and missing truly important market signals.

As someone who has been navigating this circle for many years, my advice is: in a bear market, learn to discern the quality of information. Opinions that can withstand logical scrutiny and are supported by real data are worth spending time on. As for those stories that sound mystical at first glance, just listen and move on—don't let them occupy your decision-making process. The bear market itself already tends to impair judgment; being distracted by these information traps will only increase the risk of losses.