I talked to a few market makers, and at first I felt that they were basically treating individual investors like monkeys. Angry! But upon careful consideration, it doesn't seem that simple. Market sentiment, Binance/other exchanges, market makers, project parties VC、KOL、 Retail investors have formed a complex game. In the game, strength is the most important, and whoever has relatively weaker strength will become the target of harvesting. But overall, CEX is extremely opaque, giving market makers or project parties room to manipulate. CEX, in order to profit from the huge fluctuations, also turned a blind eye (otherwise why did Binance only disclose it now, while other exchanges have never disclosed it). My friends all sighed: I haven't made any money on CEX in the past year, I've only made money on the chain. For ordinary traders on the chain, at least it is relatively transparent, and you know where the hunters appear.