The trial that was 1314 days late finally brings the creator of the $40 billion stablecoin crash to prison —

Do Kwon was sentenced to 15 years, not just a judicial hammer falling, but also the most expensive wake-up call in crypto history.

On December 11, wearing a yellow prison uniform, Do Kwon was sentenced in a New York federal court. The defense attempted to argue for a 5-year sentence citing 'arrogance rather than greed,' but faced strong rejection from the judge and prosecution.

The prosecution pointed out that the Terra stablecoin mechanism was based on false narratives from the very beginning, and the collapse of UST triggered a chain reaction, indirectly leading to the collapse of FTX and the industry's winter.

The judge bluntly stated that a 5-year sentence was 'absurd,' and the 12 years suggested by the prosecution was also 'insufficient to reflect the devastating consequences.' He cited Kwon's earlier message 'Deploying more capital – steady lads' as a symbol of deceiving investors and ultimately ruled a 15-year imprisonment, calling it 'a fraud case of generational scale.'

The scale of the victims further highlights the social impact of the event. There are about 16,500 creditors of Terra, while the actual number of victims may exceed one million.

In just a few days, the judge received 315 letters: some lost their homes, others lost their retirement savings and children's education funds, and some had not dared to sleep for four days due to the repercussions. Many people in the letters complained that they were ensnared by Kwon's 'mythologized narrative,' where 'trust was weaponized' and savings evaporated in an instant.

Kwon expressed belated remorse in court and acknowledged that he had concealed the truth about market interventions. He hopes to serve his sentence in South Korea in the future but still faces additional charges and has agreed to forfeit $19 million in assets.

Once claiming he would 'not debate with the poor,' he now walks handcuffed towards the elevator, yet some still applaud for him —

This may be the most thought-provoking footnote of the Terra tragedy: under the intertwining of blind faith and financial illusions, there are no winners.