I came across a message this morning that nearly caused me to drop my cup—someone tried to use a product similar to Taobao for fund transfers, and as soon as the transfer went out, the account was frozen, leaving the person completely stunned.

Having been involved in the cryptocurrency industry for nearly eight years, I’ve seen various risk control measures. But this time, it truly surprised me. Everyone’s impression of such currency funds has always been a “liquid pool for flexible entry and exit,” and in the past, even with some regulatory measures, it was usually possible to bypass them. Now it seems this route is no longer safe—your fund trajectory is almost transparent to regulators.

Here I want to share some practical insights, rather than just stories. The most critical issue now is: where exactly did things go wrong? There are currently two mainstream hypotheses in the community, each requiring attention.

The first hypothesis, and the most alarming one: fund flow monitoring has achieved “full-path tracking.”

What does that mean? It means that from the moment your money is recharged, every step of its journey is recorded. You might take several detours, but ultimately, the system knows exactly where it ends up. Some may question, with such large fund pools in these products, how can they possibly precisely track the final use of a particular dollar?

But the reality is, today’s data analysis capabilities are no longer what they were a few years ago. Your payment records, linked accounts, common network environments… all these pieces of information are building a complete user profile.

Stopping here for now—there’s a second hypothesis that’s even more worth being cautious about.