The crypto market has historically shown little penalty for moral misconduct. This cycle brought a familiar cast of characters—bundle rug schemes and fnf farming operations that simply recycled the playbook from last cycle's DeFi exploits and Ponzi collapses. The pattern repeats, just with different names and narratives.

But here's what's shifting: come 2025, the operating environment tightens significantly. Regulatory frameworks are hardening. Market participants grow wiser to these schemes. The window for casual fraud narrows. What we're likely heading toward is something resembling an actual level playing field—where execution and genuine utility matter more than marketing smoke and investor FOMO. It won't eliminate bad actors entirely, but the cost of failure climbs noticeably.