In this bear market, we've seen too many tricks from project teams. Frankly, there are only a few ways they end up.

Some hackers have been eyeing projects for a long time before striking, draining the liquidity pool in one go; some internal personnel have long dug holes and, at critical moments, commit theft; there are also staged rug pulls, giving investors a "respectable" explanation; and finally, some just give up entirely, laying off staff on a large scale and abandoning the project. These tactics have become the standard in the crypto ecosystem during bear markets.

It may seem hopeless, but this is the process of industry shedding falsehoods and revealing truths. Every project that survives each bear market generally manages to turn around when the bull market returns. Historical data shows that those projects and teams that emerged from the last bear market have advanced several steps by the next cycle.

So rather than obsessing over current risks, it's better to focus on recognizing people and projects—those teams that are truly committed to their work are actually easier to identify during a bear market. Wishing everyone can survive and wait for that day.