币界网报道：Web3's promise of user-owned internet is overshadowed by speculative token schemes, as regulators crack down and talent exits. Crunchbase data shows global venture funding dropped to $23B in April, with token deals prioritizing quick exits over sustainable revenue. The SEC's recent $198M fraud case highlights Ponzi-like structures demanding constant new investors. A New York judge sentenced a crypto platform co-owner to 97 months for a $40M scam. While the EU tightens stablecoin rules under MiCA, even "mature" crypto IPOs like Circle's $1B offering enable fast VC exits. Experts urge tying token unlocks to real utility metrics and longer lockups to redirect capital from hype to genuine innovation. Without reform, Web