Crypto industry got dealt another blow.
Exchanges used SpaceX IPO as a gimmick, promoting “ordinary people can also participate in the primary market,” and a large number of people rushed in to bid for new listings.
But the final outcome was a full-on crash for everyone: the vast majority of investors failed to get their subscriptions approved due to insufficient underlying equity allocation. The exchange refunded the subscribed principal in full back to the original source, but the fees generated from participating in the bid were not refunded at all. Many people ended up losing hundreds of U for no reason. And the self-satisfied smart investors lost even more badly.
When they saw SPCX spike sharply ahead of the market open, many people shorted futures to hedge, trying to lock in “risk-free” profit by offsetting spot gains. The result: the spot position repeatedly failed to be delivered and credited on time, while the short positions were still pushed up by the market and liquidated, leading to a double-kill situation—losses on both the spot and the contracts.
Compared to the book losses, what this incident truly punctured—after being inflated for a long time—is the RWA narrative in crypto. In the past, the industry kept repeatedly touting U.S. stocks being put on-chain, asset tokenization, and 24/7 on-chain settlement, claiming that it had “bridged” traditional finance and the crypto market. But this time the accident bluntly exposed the truth: custody, clearing, cross-market settlement, and cross-border regulation are currently completely disconnected from one another.
The tokenized stocks that users buy on an exchange do not actually correspond to real U.S. stock equity. They are only centralized IOU notes issued by the exchange. In a bull market, assets may trade smoothly and nobody probes the ownership details. But once there’s an allocation shortage or the underlying settlement fails, all the hidden risks are laid bare.
Users do not have ownership of the underlying assets. They cannot independently settle or withdraw. They carry only the counterparty risk of the exchange throughout.
The longer you’re in the industry, the clearer you become: the biggest risk in crypto is never just the upward and downward volatility of the market. It’s the moment you think you bought real, tangible assets, only to find that from the very beginning, this “asset” never belonged to you.
I only do spot/real trading—I don’t play fake games. If you want to steer clear of traps and earn steadily, don’t fumble around alone in crypto darkness. Keep up with the pace. @bit多多 我一直都在 will take you to make steady money with a can’t-fail logic! 🔥
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Exchanges used SpaceX IPO as a gimmick, promoting “ordinary people can also participate in the primary market,” and a large number of people rushed in to bid for new listings.
But the final outcome was a full-on crash for everyone: the vast majority of investors failed to get their subscriptions approved due to insufficient underlying equity allocation. The exchange refunded the subscribed principal in full back to the original source, but the fees generated from participating in the bid were not refunded at all. Many people ended up losing hundreds of U for no reason. And the self-satisfied smart investors lost even more badly.
When they saw SPCX spike sharply ahead of the market open, many people shorted futures to hedge, trying to lock in “risk-free” profit by offsetting spot gains. The result: the spot position repeatedly failed to be delivered and credited on time, while the short positions were still pushed up by the market and liquidated, leading to a double-kill situation—losses on both the spot and the contracts.
Compared to the book losses, what this incident truly punctured—after being inflated for a long time—is the RWA narrative in crypto. In the past, the industry kept repeatedly touting U.S. stocks being put on-chain, asset tokenization, and 24/7 on-chain settlement, claiming that it had “bridged” traditional finance and the crypto market. But this time the accident bluntly exposed the truth: custody, clearing, cross-market settlement, and cross-border regulation are currently completely disconnected from one another.
The tokenized stocks that users buy on an exchange do not actually correspond to real U.S. stock equity. They are only centralized IOU notes issued by the exchange. In a bull market, assets may trade smoothly and nobody probes the ownership details. But once there’s an allocation shortage or the underlying settlement fails, all the hidden risks are laid bare.
Users do not have ownership of the underlying assets. They cannot independently settle or withdraw. They carry only the counterparty risk of the exchange throughout.
The longer you’re in the industry, the clearer you become: the biggest risk in crypto is never just the upward and downward volatility of the market. It’s the moment you think you bought real, tangible assets, only to find that from the very beginning, this “asset” never belonged to you.
I only do spot/real trading—I don’t play fake games. If you want to steer clear of traps and earn steadily, don’t fumble around alone in crypto darkness. Keep up with the pace. @bit多多 我一直都在 will take you to make steady money with a can’t-fail logic! 🔥
币安聊天裙，点击即可加入