Recently, a large-scale manipulation event occurred in the crypto market. Several politicians launched cryptocurrencies that attracted over $500 million in a short period, followed by a price plunge of over 90%, causing heavy losses for retail investors. Investigations show that this scene was the result of "pump and dump," with the orchestrators profiting over $350 million. Although such behavior is illegal in traditional financial markets, the lack of regulation in the crypto space allows manipulators to operate with impunity, leaving ordinary investors as the only ones to bear the losses.