From the rapid handling of Chen Zhi's assets by multiple countries, it’s clear that Cambodia's de-greying process has entered the practical stage. In the past few years, many project teams, market-making teams, and fund operation hubs were concentrated in grey-friendly zones like Cambodia or Dubai. Once these places start tightening up, the people originally responsible for liquidity, wash trading, and market control either disappear or go underground, leaving the market naturally dry. So the current lack of liquidity isn’t just a market issue; it’s structural bloodletting. It’s not that no one wants to pump the market, but the old grey engine is being dismantled. btc