Former Aevo co-founder "Exit Declaration": Eight years of crypto journey has become a casino disillusionment, setting off heated discussions in the cryptocurrency circle

Former derivatives protocol Aevo co-founder Ken Chan’s “exit manifesto” quickly swept the Asian crypto circle this week. He posted a long post on X saying that he had “wasted eight years” in the crypto industry and bluntly stated that “I am not building a new financial system, I am just building a casino.” This remark has sparked widespread resonance and controversy in the Chinese and South Korean communities, with millions of views.

Chan’s post is not only a professional reflection but also a collapse of personal ideology. He claimed to have been influenced by libertarianism and was enamored with the revolutionary idea of Bitcoin “crossing the border with a billion dollars.” However, eight years of industry experience completely disillusioned him. He criticized the Layer 1 capital war for “burning everyone’s money”, and projects such as Aptos, Sui, Sei, and ICP did not bring real financial innovation, but only “competed to become the next Solana”. His conclusion is sharp: "We don’t need to build a Mars casino. ”

According to public information, Chan left Aevo in May this year and is currently developing a personal satellite project, KENSAT, which is scheduled to be launched by Falcon 9 in 2026. The AEVO token’s market capitalization has also evaporated by nearly 99% from its peak, adding drama to his exit announcement.

Chan’s “casino theory” has become popular in part because Asian markets are in a phase of liquidity depletion and emotional exhaustion. The Chinese media called it an “outlet for collective anxiety.” The Chinese community reacted polarly, with some sarcastically: “In the same eight years, some people reached the top and some withdrew.” Some people are more pessimistic: “What blockchain products have ordinary people really used?” ”

South Korean traders expressed similar exhaustion: “There are no real application scenarios other than stablecoins.” More intense comments said the crypto industry “doesn’t create value, it’s just scammers hunting retail investors.”

Chan’s warning – that “the toxic mindset in the crypto industry will lead to a long-term collapse in social mobility among younger generations” – resonates deeper in East and West Asia. In an environment of high real estate and heavy employment pressure, cryptocurrencies were once seen as alternative hopes; Today, it is regarded by many as a driving force behind accelerated anxiety.

South Korean analyst KKD Whale also made a similar view: the “miracle era” of a single skill is ending. He pointed out that even if the talent is outstanding, once it stops learning, the skills will quickly become obsolete, reflecting the value crisis faced by the industry and individuals.

Chan ended up quoting a quote from CMS Holdings: “Do you want to make money, or do you want to prove yourself right?” His answer was the latter. Half a year after he left the project, AEVO’s market value plummeted, making the outside world reflect: is this a belated sobriety, or is it a luck to withdraw early? This exit declaration, which became popular in Asia, reveals a deeper question - when the crypto industry becomes a giant casino, all participants need to rethink what they are chasing. （BeinCrypto）