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Arthur_0x, founder of DeFiance Capital, stated that the biggest problem in the current crypto market is the collusion between project teams and market makers to manipulate prices, with the entire process lacking transparency. It's hard to tell whether prices are driven by genuine supply and demand or artificial coordination. He criticized centralized exchanges (CEXs) for turning a blind eye to these practices, leading to a loss of confidence in the altcoin market. He also pointed out that TGE pricing has become absurd, with most new tokens dropping 70%–90% shortly after listing. Arthur warned that if the industry fails to correct itself, it will continue to lose investor appeal.