Foresight's revelation about Hashkey is a bit big, and here are a few core points: 1. HashKey has only half a year of cash left on its books, is laying off employees on a large scale, and is looking to raise funds through a VC or IPO, according to two people involved. 2. One-third of employees have recently been laid off, and some IT vendors have been deferred in making payments or terminating contracts. 3. Employee salaries and bonuses are highly tied to HSK tokens, but HSK has fallen by 85% in half a year. 4. In order to do compliance, in the early days, it burned $100 million in less than three months, and recently it burned an average of $10 million per month, of which three or four percent are compliance costs, and it is beyond our means. 5. Due to the compliance station in Hong Kong, there are only four trading varieties, which is far lower than the hundreds of giant platforms, which seriously limits user growth and fee income. 6. Its exchanges, public chains, OTC, cloud services, brokerage services, etc., are seriously less than expected and face the attack of competing products in the industry. 7. Local competitors, such as Futu and OSL, are accelerating their efforts to seize potential customers that originally belonged to Hashkey, while public chains and RWA are also facing competitors such as Ant Digital.