Well-known trader Eugene Ng Ah Sio posted on his personal channel: "There have been many insightful analyses of Friday's events. I will briefly state a few points: 1) The altcoin market is over for the foreseeable future. The scale of the wealth destruction and the manner in which it was executed will leave a long-lasting impression on participants. 2) Long-short strategies are not viable in the crypto market. These strategies may work under normal market conditions, but often fail at the most critical moments. 3) Chain reactions (contagion) will occur, but the extent is yet to be determined. I hope there are no major systemic problems. 4) Goodbye, Crypto Treasury Company."