Today I saw someone saying that because the API crashed, they suffered huge losses. I will also share how I lost 500,000 USD because I trusted others.

This is a reflection I wrote for myself, and for everyone who has lost money by trusting others.

I consider myself someone with a bit of judgment, I have read some books and enjoy researching, but

Information overload does not equal cognitive upgrade.

The Finblox project was invested in by Sequoia + Dragonfly, and at that time I thought it was incredibly impressive, so I saved money. As a result, these guys actually lent the money to that bastard Zhusu, and then the founder shamelessly made me surrender and lose half. The project has basically rugged after the founder and has since done countless projects.

I chased after memes, acted impulsively, and followed others without knowing who posted it. As a result, it quickly went to zero.

How did I comfort myself at that time?

• Sequoia invested, it must be reliable.

• KOLs are promoting it, it will definitely rise.

• It was written as a deposit, can it run away?

Looking back now, this is not judgment, it is laziness and luck. Ultimately, money came too easily.

I handed over my decision-making to others, so I deserved to be harvested by them.

In the crypto world, it’s not about how smart you are to make money; it’s about whether you can be your own master.

Is liquidity locked? Is the contract open source? Do you know the unlocking rhythm of the VC?

If you don’t know any of these, then no matter how much you lose, the essence is the same. You didn’t make a decision; you just followed the trend and placed bets.

Trusting others will lead you to lose money.

• Keep your private keys safe.

• Assess risks yourself.

• Manage your positions yourself.

• Take responsibility for the results yourself.

Everywhere you think there is trust hides a scythe ready to harvest you.

Since then, I have set a few iron rules for myself:

• Only invest money in memes that I can afford to lose completely.

• Do not transfer large amounts of wealth out of wallets/exchange addresses.

• If I don’t have time to research, I won’t invest in any trending projects.

This is the lesson I learned with 500,000 USD.

If you have also taken the same wrong path, I hope you won’t spend tuition fees again.