# Has AI Gone Through the Same River That Crypto Waded Across?

Could Web3 really give Manus a life lesson in surviving under regulatory pressure?

After the 9/4 crackdown in 2017, numerous exchange founders and key personnel were restricted from leaving the country, with some even unable to leave Beijing.

Capital controls aren't scary—what's scary is having money in your hands while knowing exactly how much you have.

Subsequently, Beijing and other cities took the lead in establishing blockchain ecosystem investment funds. Who paid for this? None other than the exchange founders we all know well.

But it's just like a relationship—once one party leaves without looking back, no amount of mediation can restore what was.

The crypto industry's growth was entirely built on struggling through an environment where it was neglected by everyone, blooming through its own tenacious efforts.

Meanwhile, Manus's start-up benefited from environmental dividends and indirect policy support.

Against the backdrop of U.S.-China tech competition, the Manus team chose to take a "Singapore bath" and made a high-profile de-Sinicization move.

But how did Xiao Hong and others manage to return to China?

They must have been made an example of; simultaneously, the VIE offshore structure model has basically come to an end.

This time, Manus should understand: managing a RMB fund, focusing on hard tech that aligns with national strategy, and honestly listing on the A-share market—that's what fits the mainstream narrative.