According to @1HowardWu, many projects marketed as decentralized or private still permit centralized treasury control and leave on-chain traces, creating elevated rug-pull and surveillance risks for token holders, source: @1HowardWu. He argues these narratives are often used to launch tokens that enable VCs to exit on retail, increasing exit-liquidity risk around listings and unlocks, source: @1HowardWu. He states most so-called decentralized DAOs can drain their treasuries, highlighting governance and treasury-control risk that traders must price into token valuations, source: @1HowardWu. He also notes most privacy coins are easily traceable, implying weaker effective privacy and higher enforcement exposure that can impact liquidity, spreads, and risk premiums, source: @1HowardWu. Traders should demand verifiable treasury safeguards and privacy guarantees, and incorporate on-chain governance and traceability audits into position sizing and timing, source: @1HowardWu.