The bloodbath on BNB Chain this week wasn’t just billions of dollars flashing red on a screen. It was a gut punch, emotional drag across the coals, visceral reminder that crypto’s angelic choir of get-rich-quick schemes too frequently results in economic devastation. We’re not talking about just a few people, a few dollars saved, or a few people’s dreams evaporating into the virtual ether.

Altcoin Dreams, Crashing Back To Earth

Let’s face it, the siren song of altcoins is strong. Slick marketing and influencer hype are promising 100x returns. These tactics try to sidestep reason and go straight for our fundamental wish to live a freer, happier, healthier life. After all, who doesn’t dream about breaking free from the shackles of the 9-to-5 grind and gaining true financial independence. The reality is far less glamorous. The more than $12.4 billion wiped off BNB Chain’s market cap this week is proof of that.

Think about it. Next, you spot a token with that same revolutionary technology, pitched by a trusted YouTuber with millions of followers. You make a high risk investment with 20% of your savings, expecting to see a 10x return on that investment. Then, the market turns. Panic sets in. All you can do is sit and watch as your portfolio continues to dwindle, day after day, until you’re left with just a shadow of your former investment. This isn’t some far-flung scenario. It’s a tough pill to swallow for thousands who have pursued the elusive “get rich quick” fantasy on BNB Chain and other networks.

Many in the crypto space have created this narrative that this is going to happen and everyone’s going to be a millionaire overnight. This allegation is a complete falsehood. What is true? As a result, the overwhelming majority of folks will end up saving money.

Unexpected Connection: This reminds me of the dot-com bubble burst. Remember Pets.com? Webvan? Venture-backed companies focused on inflation not a sustainable business. Fool’s gold Crypto, in many ways, is just repeating that history with shinier technology and wilder promises.

Influencers Hold Unspoken Responsibility

Let's talk about those influencers. While a few tokens like AB and Altlayer saw gains (likely due to Binance's Alpha feature and Kickstart program respectively – hardly organic growth), the vast majority tanked. Where were the influencers then? Did they tell their followers that their action was dangerous? Did they disclose their own holdings? Too frequently, the response is a shocking silence.

They have a responsibility. At some point, you have to question whether or not they’re really concerned with the wellbeing of their listeners. Or is it just the affiliate links and sponsored tweets talking.

It's time for a reckoning. We need a far higher level of transparency and accountability in the crypto space. Accountability for Influencers Influencers should be required to do better. They should be required to publicly disclose any relevant financial interests and be personally liable for misleading or otherwise fraudulently promoting bad projects. Exchanges have a role to play here too, including adopting more robust risk disclosures and creating more stringent listing criteria.

This infuriates me. The arrogance, the contempt for the ordinary investor, the manipulation of their dreams and fears, it’s just appalling. It takes advantage of a person’s most vulnerable state, the wish to flee from economic hardship.

Is Regulation The Necessary Evil Here

The wild west of crypto has been great, hasn’t it? Perhaps, just perhaps, it’s time for a good sheriff to enter town. This isn’t about being anti-innovation, this is about not letting ordinary people get preyed upon by these corporate innovation killers.

Regulation is always a cost/benefit trade-off, but in this instance, the benefits far outweigh the costs. Picture a world in which every new crypto project is subjected to intense scrutiny. In this utopia, risk disclosures are written for the layman, not the lawyer, and investors are protected from fraud. Would it eliminate all risk? No. It would remedy this playing field and foster a much more sustainable ecosystem.

The recent increase in BNB Chain activity is reflected by an increase in daily active addresses. This new spike reflects sustained excitement and interest from users. What if it's just people desperately trying to salvage what's left of their investments? What if we are mistaken and it’s a sign of panic, not progress?

Is the freedom to lose everything really freedom at all? Or perhaps, a recipe for fiscal despair and public dissatisfaction.

For centuries, governments have regulated financial markets to protect consumers and maintain stability. Crypto shouldn't be any different. To argue that that’s the case because it’s “decentralized” and so beyond the reach of regulation is a regulatory cop-out. Decentralization must not be used as a shield for market participants to engage in nefarious behavior.

The recent crash of the BNB Chain should serve as a warning. As an industry, it’s time to move on beyond the “get rich quick” dream and excite consumers with a more grounded, prudent vision of crypto investing. The moment for influencers, exchanges, and regulators to do better is now—before another crypto crash occurs and ordinary investors continue to get hurt. Today is the day for all of us to get our boots muddy with our own fieldwork. Let’s stop funding risks and chasing a glimpse of high returns associated with easy money. That’s because in the long run, slow and steady wins the race. And protects your hard-earned savings.