JPMorgan Chase faces over a hundred billion dollars in market size allegations for silver market manipulation, with a final fine of only 1 billion dollars—this case is indeed thought-provoking. From a financial regulatory perspective, the disparity between the cost of manipulation and the severity of penalties in traditional markets reflects the complexity of regulatory enforcement. This also reminds us that whether in traditional finance or the crypto market, the standards for identifying and penalizing market manipulation need more transparent mechanisms. The proportional relationship between the fine amount and the scale of violations often determines market participants' risk assessment.