Ken Chan’s Viral Confession Shakes Asian Crypto Circles**
A surprising statement from Ken Chan, former co-founder of derivatives protocol Aevo, has set Asian crypto communities on fire this week.
His post on X has now gone viral across Chinese, Korean, and Southeast Asian crypto groups — gaining millions of views and sparking major debates about what crypto has become.
🔍 From Libertarian Dreamer → Harsh Reality
Chan openly admits that he entered crypto as a “starry-eyed libertarian”, inspired by:
Ayn RandCypherpunk ideologyBitcoin’s powerful idea of borderless wealthHe genuinely believed crypto was building a new financial system.But after 8 years, his view flipped completely.
💥 “We’re Not Building Web3 — We Just Built the Biggest 24/7 Online Casino.”
Chan says the Layer-1 wars destroyed his belief:
Projects like:
Aptos
Sui
Sei
ICP
and dozens more…burned through billions trying to become the next Solana.
According to him, they created hype — not progress.
His words are brutal:
“We do not need to build the Casino on Mars.”
Chan left Aevo in May and is now working on KENSAT, a personal satellite project scheduled to launch on Falcon 9 in June 2026.
Meanwhile, the AEVO token is down around 99% from its peak, sitting near a $45M FDV.
🌏 Why Asia Made It Go Viral
The timing couldn’t be sharper:
After heavy volatility and October’s market turbulence, Asian traders were already exhausted.
Chinese media said the confession reflects:
“Collective anxiety amid liquidity drought and narrative vacuum.”
🇨🇳 Chinese reactions were mixed:
✔ Some agreed the industry has lost direction
❌ Others fired back:
“Same 8 years — some rise, others collapse. Your failure isn’t the industry’s fault.”
Another harsh comment:
“After a decade, which blockchain product does a normal person actually use?”
🇰🇷 Korean traders echoed similar frustration:
“Only stablecoins have real use.”
“Crypto has no value creation — just people extracting money from retail.”
⚠ A Warning for the Younger Generation
Chan’s most powerful claim:
Crypto’s toxic mindset may destroy long-term social mobility for young people.
This hit deeply in Asia, where: real estate is unaffordable
salaries are stagnant opportunities shrinkingCrypto became a “shortcut to wealth” — now he says it may be part of the problem.
Korean analyst KKD Whale added a similar reflection:
“The era of relying on one skill is ending… staying stagnant means becoming replaceable.”
Different perspectives, same fear:
The industry is moving fast — but is it moving forward?
🎯 The Final Question
Chan ends with a quote from CMS Holdings:
“Do you want to make money, or do you want to be right?”
His reply:
“This time, I want to be right.”
Six months after leaving Aevo, and with AEVO down massively, a bigger question remains:
Is this true reflection — or convenient hindsight?
The viral spread across Asia suggests thousands are asking themselves the same.
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