1. the team and founders: they have control over the project design, token economics and strategy, and can therefore opt for an early exit without necessarily ensuring the long-term sustainability of the project.

2. VCs: Early capital allocation is critical. If higher returns can be generated by investing in unsustainable short-term projects and exiting early, many VCs will prefer this option as well.

3. centralized exchanges: while their incentives should be aligned with their users, we often see CEXs extracting value against the interests of their users by listing tokens at excessive valuations, charging high listing fees, or listing low-quality assets.

4. Market Makers: Certain market makers may take advantage of their favorable position and the team's reliance on their services to negotiate terms that are extremely favorable to them.

5. KOLs: We often see undisclosed promotions, misleading information, and 'pull and smash' designed to harvest short-term value from their audience.