In short: Funding risks are inherent in cryptocurrency stocks at this stage! This is because cryptocurrency stocks are almost always based on a middleman model, and with any middleman model, three unavoidable questions arise: 1. Where is the money? Does the platform have core authority over user funds? 2. Can the ownership of the underlying assets/stocks you purchased be verified? Are they actually held by upstream brokerages? 3. What about the platform's ability to fulfill its obligations after a crisis? The most dangerous aspect of the middleman business model is that users must place 100% trust in the platform, while the intermediary platform can only control a small portion of key resources and links. Therefore, if upstream brokerages don't control their own operations, risk management issues are unavoidable. Furthermore, the much-discussed compliance is essentially impossible to implement under this business model, as the responsibility for risk management lies upstream, making it impossible to close the loop. Ultimately, it all comes down to whether you trust the platform to take your money. The foundation of all middlemen is trust, not just compliance.