The cryptocurrency circle has finally reached the main course. On December 11, a U.S. judge officially sentenced Do Kwon to 15 years in prison. This once-glorious leader of the Terra ecosystem now has to reflect in prison on how he managed to lose a market value of 40 billion dollars. This incident is truly one of the biggest disasters in the history of the cryptocurrency circle. The death spiral of UST and LUNA in May 2022 still haunts people.

Do Kwon's admission of guilt is simply outrageous. He admitted to artificially supporting the peg of UST through a secret trading company, rather than relying on algorithms to stabilize it as advertised. This is akin to claiming a car has autonomous driving when, in fact, it is entirely controlled manually behind the scenes. Investors were infuriated upon hearing this. The testimonies of the victims in court were heart-wrenching. Some lost all their savings due to LUNA's collapse, leading to divorces, while others became homeless. The process of LUNA dropping from its peak to 13 dollars was a complete tragedy.

What’s worse is that the chain reaction triggered by Terra's collapse can be described as nuclear-level. Three Arrows Capital, Voyager, BlockFi, Genesis, and even the later FTX were all affected by this bombshell. The entire cryptocurrency market experienced its darkest moment in the summer of 2022, with countless institutions collapsing, leaving retail investors with nothing. Although Do Kwon's 15-year sentence is less than the maximum of 25 years, it still provides some accountability for the victims.

Interestingly, the market's reaction to this news has been surprisingly calm, with major cryptocurrencies showing no significant fluctuations. After all, this is an old debt from 2022 that everyone has long digested. The sentencing now feels more like a period at the end of this dark chapter, allowing everyone to turn the page and look forward. However, this incident has also sounded the alarm for all project teams: stop with the flashy marketing gimmicks; real technology and transparency are the true keys to success.

There seems to be a lack of high-quality discussions on social media. It appears that people's interest in Do Kwon has completely cooled, or rather, they are more willing to focus on future opportunities instead of past scars. This can also be seen as a reflection of the resilience of the cryptocurrency circle. No matter how big the disaster, they can endure it; when the bull market arrives, they will still charge ahead.