Recently, someone asked me again, "Can on-chain privacy just avoid regulation?"

Hearing that, I feel a bit amused and a little anxious.
To put it simply, on-chain is inherently transparent; the privacy you can achieve is more about "reducing the probability of being watched by outsiders," not about becoming invincible.
If you want to stay compliant, then exchanges, fiat on-ramps, or even linking your address to your identity—don't expect "I'm anonymous, so it's fine."

Whenever there's a theft drama involving cross-chain bridges, I now believe one thing more:
Don't treat privacy tools as safes; at best, they are just curtains.
And during the oracle error wave, when everyone suddenly collectively "waits for confirmation," it's basically an acknowledgment that on-chain can also fail, so better to hold on first.
Anyway, I now take screenshots before and after every operation...
Whether as a tuition fee list or whatever, at least it won't leave me completely in the dark when reviewing later.