As the year comes to an end, various sectors are beginning to stage "profit-seeking dramas," and the cryptocurrency industry is in complete chaos. Those speculators lacking funds and institutions without legitimate income have started playing the "public opinion business"—spending money to hire people to smear competitors, create panic, and attract attention. Look at those self-media accounts, all using words like "爆雷 (explosive failure), 炸穿 (blow through), 惊天 (earth-shattering), 劲爆 (explosive)"—mass-producing black propaganda like photocopiers. Behind this, there is actually an organized effort with budgets and division of labor.

I have been involved in the crypto world for nearly ten years, and I’ve seen all kinds of scenes—witnessed the collapse of Mt.Gox firsthand, experienced the FTX explosion in real-time, and seen plenty of black public relations schemes stirring up trouble. Honestly, sometimes these tactics are more nerve-wracking than actual risks.

Today, I want to talk not about praising any particular platform, but about thoroughly exposing this gray industry chain of black public relations. How do these people operate? Why has the crypto industry become a major target? How can ordinary people avoid being misled by rumors and protect their principal? Also, those self-media outlets that chase eyeballs every day, the increasingly strict online regulations, and the real efforts made by exchanges and their behind-the-scenes teams this year—these are all worth a good discussion.

Let’s start with the industry chain of black public relations: this is not just "a few water armies posting casually." In reality, it’s a tightly organized, clearly divided, and利益链完整 (benefit chain complete) gray production line, from early planning, content creation, to final profit-making, with each step having clear goals and procedures. Real black public relations operations are more professional than many legitimate companies.