When the news came out that a top exchange had poured 5 million USD into a bounty for the "listing intermediary" scam, I suddenly remembered that loss from three years ago - being scammed out of 2 BTC by a group of intermediaries who claimed to "know the executives of top exchanges." At that time, I had just entered the circle and was dazzled by the phrase "we'll get your coin listed on the exchange," paid the money, and then was blacklisted. The project party lost everything, and retail investors ended up with worthless coins.

Later I understood that the biggest risk in the coin circle has never been the fluctuations in price, but rather this complete scam industrial chain: intermediaries take the money and run, project parties bleed out, and retail investors get trapped—every link is feasting on the blood buns.

But the losses over these years have taught me a lesson: truly reliable assets do not need any "internal commitments" or "backing figures" at all. When choosing stablecoins, I started looking at three hard indicators.

The first is reserve transparency. On-chain verifiable asset reserves mean there is no room for false endorsements—your money is out in the open, without betting on whether it will suddenly flee.

The second is price stability. A 1:1 peg is not a gimmick, but a fundamental requirement. A "stablecoin" that fluctuates is just a way to exploit retail investors.

The third is that the source of income is clear. Holding coins to earn interest should be able to see specific interest pool data, rather than relying on "insider information" to speculate on returns.

Last week, a friend asked me whether a certain intermediary's project was worth it, saying it would cost 5 ETH. I directly showed him a screenshot of an on-chain wallet of a top stablecoin—there's really no need for intermediaries to make a profit.

Looking back, the fundamental reason for being deceived is: while most people are still betting on character, I should choose those things that disclose everything on the chain. While the industry is rectifying fraudsters, your assets should make the same choice.

Have you ever had a similar scam experience? Feel free to share the tricks of those "listing intermediaries" in the comments section.