Conflux co‑founder: The treasury of doomed projects becomes an internal arbitrage tool
Conflux co‑founder @forgivenever tweeted that a "reverse" phenomenon has emerged in the current crypto market: some doomed‑level projects’ FDV has shrunk dramatically, yet the project's treasury is larger than the token’s total circulating market cap, with treasury assets covering USD, stablecoins, Bitcoin, Ethereum, etc.
He believes that these treasury funds mostly come from early high‑valuation financing or cash‑out during the TGE, and now they have become chips for internal bargaining and profit‑shifting among core members, causing the project to suffer chronic death.
He also points out that token holders face difficulty defending their rights due to a lack of evidence, and the governance structure of the project's board and management is generally ineffective.
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97.8K @PANewsCN 
28.4K @forgivenever Recently, after discussions with industry insiders, some doomed‑level projects that have just begun unlocking or are still locked have been falling continuously, with FDV market cap dropping to only a few tens of millions of dollars, while the project's treasury (composed of USD, stablecoins, Bitcoin, Ethereum, etc.) is larger than the token’s total circulating market cap, resulting in an inverted phenomenon:
The source of these treasuries is mostly from earlier luxury financing rounds and high valuations, or from aggressively dumping during the TGE when the project secured listings on top CEXs, using mouse‑farm dumping and market‑maker futures short‑selling to cash out.
At this point, a treasury of several tens of millions or even over a hundred million dollars becomes a tool for core team members to battle each other, seek profit‑shifting, line their pockets, and essentially drain the project… Slightly better‑off projects use the remaining funds to restart efforts in AI, but the equity of new projects is not proportionally allocated to existing investors… allowing the token to free‑fall.
This is a classic principal‑agent problem. For crypto VCs and core token holders, it is a very painful issue: on one hand they lack evidence, and on the other the board‑management governance structure of crypto projects is also effectively non‑existent, leaving them to watch the project shrink day by day and die chronically…
Seeing the overall moral decline and internal decay of the industry weighs heavily on my heart. Although throughout the past cycle I have repeatedly called out project factories, exchanges, KOLs and market makers to stop collective wrongdoing, it has inevitably led to the situation we see today…
But even now, we can still do something: unite to urge those inactive project teams/founders to disclose the use and destination of funds, and pursue litigation and restitution according to investment contracts.
Code is law but broken by humanity.
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22.4K @OGAudit Spotlighting our expert reviews on: @Conflux_Network
Our OG expert reviewers note that Conflux $CFX has strong technical foundations including its Tree-Graph consensus architecture, EVM compatibility and growing focus on payments and stablecoin infrastructure but inflationary token dynamics and incentive driven selling continue to dilute market enthusiasm while real world adoption has yet to fully match the scale of its technical ambitions.
Can Conflux convert its regulatory positioning and payment infrastructure into meaningful user adoption or will strong technology continue to outpace actual demand for CFX?
More on the OG audit review and the project info here: ogaudit(.)com/crypto/conflux-cfx
https://t.co/vFatnyalbD
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25.7K @IOSGVC The race for Web3's capital is on, and Hong Kong intends to win it. 🇭🇰
Hosted #IOSG × HK LegCo · Founder Tea #1 this week. Our founding partner @jocyiosg brought together 16 top Web3 founders at Cyberport with the Hon. Duncan Chiu, HK Legislator.
Across four tracks:
→ RWA @AssetoFinance,@DigiFTTech, Anchored, @StableStock
→ Public Markets @RedotPay, @MicrobitCapital, Boyaa Interactive, @SoSoValueCrypto
→ Infrastructure @alt_layer, @brevis_zk, @Conflux_Network, @Sign
→ DeFi @SynFuturesDefi, @dForcenet, Unified Labs
6 hours of unfiltered truth, centered on one question: "Why HK over Singapore?" The discussion covered HK's strengths (financial depth, legal system, location), where it still falls short (compliance costs, licensing, banking access), and concrete asks to government: tiered regulation, an innovation sandbox, lighter licensing, and a clear path for digital asset trusts (DAT).
Duncan set this as the first consultation for Hong Kong's first-ever 5-Year Web3 Plan (2027–2032), reaching the Chief Executive's Office by end of June.
In his words:
"I hope to submit these recommendations and have them included in Hong Kong's first-ever 5-Year Plan — shaping the city's Web3 direction for the next five years."
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