Why do people lose a lot of money due to "insider information"?

1. Normally, based on rational judgment, you wouldn't buy this coin, but you bought it because you heard the news.

2. The coin's price goes up, but you won't sell because you feel it's not worth it to leave before the news materializes.

3. The coin's price goes down, and you still won't sell because you believe the news hasn't materialized yet and you are unwilling to give up.

4. Finally, you wait until the news materializes, and even if the price rises, it may have only returned to the break-even point after dropping for so long, which is already the luckiest scenario. In most cases, it either doesn't rise or drops further, with prices halving again and again.

Many people believe that KOLs (Key Opinion Leaders) can gain a lot of insider knowledge because they are close to the project parties. On the contrary, because they are close to the project parties, they end up losing even more, to the point of their hearts bleeding.