A $27 initial investment eventually grew to $67 million. Such stories in the crypto world are truly "viral." But just as everyone was celebrating the sudden wealth of this PEPE investor, a twist occurred—wallet frozen, funds completely inaccessible. Not only is cashing out impossible, but even transferring half a cent can't be done. This fall from heaven to hell is more heartbreaking than a market liquidation.

Having navigated this space for years, I have to say frankly: this is not an unexpected event, but rather the fate that most meme coin speculators will eventually face. Many people mistakenly believe that owning the private key guarantees safety; in reality, before fully understanding the contract mechanism, those so-called "wealth" in your hands are just the project’s way of waiting to harvest the unwary. Developers tweak a few lines of code, and you can go from millionaire to bankrupt in seconds.

The truth behind this incident is actually quite simple: it’s not a private key failure, nor a network issue, but the contract developer directly blacklisted this huge wealth address. Imagine— you buy a luxury house, the property deed is in your name, but the developer left a master key, ready to weld your door shut at any moment. On the surface, it’s your asset, but control has never truly been in your hands.

To avoid falling into such traps, these contract review points must be memorized. First, always check whether the contract has undergone open-source verification. This is the most basic security threshold. Many problematic contracts have not been open-source verified at all; you have no idea if there are hidden clauses like blacklists or minting rights in the code, yet you throw your money in blindly—that’s true blindness.