Some leading funds are eager to chase trendy projects and turn a blind eye to false ARR data. Recognizing these traps requires vigilance against several common tactics: exaggerating growth rates—check if the historical data is truly verifiable; making short-term promises to be fulfilled in the long run—many projects burn cash early to capture market share, but cannot sustain later; ecological plundering models—using aggressive subsidies to attract users, then turning around and fleeing. Funds often bet first and learn later, only to act innocent when the project crashes. Investors need to learn to think in reverse: projects with overly perfect growth curves are actually the most dangerous.