【Cryptocurrency Journey】💗💗 Blockchain does not guarantee instant wealth But rewards long-termism, holding onto time Only then can you catch the trends. True value is not in the code, but in the gaze of those who believe in the future. — Wealth will only flow to those deserving of it, not to those who chase it! #美联储降息
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BAS has been a bit volatile these past two days, with a 24-hour slight increase of 6.73%. The weekly increase is over 50%, which looks impressive, but the monthly line has still dropped by 4.62%. In the short term, it has been fluctuating significantly, so you need to keep an eye on the entry points. $BAS {future}(BASUSDT)
It turns out that this coin also has unlimited issuance rights The risks of soaring and plummeting are high, but so are the profits This is the reason why so many people have been liquidated multiple times by altcoins yet still continue to engage in altcoins $FOLKS {future}(FOLKSUSDT)
No one can easily establish a foothold in the cryptocurrency world. Those seemingly glamorous myths of doubling are backed by countless days and nights of accumulation and sedimentation.
In a bear market, while others panic and sell, you quietly stock up on coins, delve into learning, and refine your trading system. During sideways markets, while others are restless and frequently trade, you patiently wait for your own opportunity, undisturbed by the noise of the market. #加密市场反弹 #加密市场观察 $BTC $ETH $BNB
The TerraUSD stablecoin collapse case is a landmark algorithmic stablecoin fraud event in the cryptocurrency space.
Terraform Labs founder Do Kwon launched TerraUSD, an algorithmic stablecoin without physical collateral, relying on a linked algorithm with the platform token Luna to maintain a 1-dollar peg.
When TerraUSD is above 1 dollar, users can exchange it for Luna to profit, while if it's below 1 dollar, they can destroy TerraUSD to exchange for Luna, theoretically stabilizing the price. In May 2021, it first lost its peg, and it was only through secret intervention by trading firm Jump Trading that the price was restored; this critical information was deliberately concealed by Do Kwon's team, which continued to promote its stability.
In May 2022, shaken market confidence triggered a massive sell-off of TerraUSD, causing its price to quickly fall below the 1-dollar peg and plummet to 0.044 dollars. To stabilize the market, a large amount of TerraUSD was destroyed in exchange for Luna, leading to a supply explosion of Luna exceeding trillions, with its price crashing from 80 dollars to 0.000001 dollars, nearly reaching zero in just five days.
During this period, Do Kwon attempted to borrow 2 billion dollars to stabilize the market but ultimately failed, further intensifying market panic.
This collapse resulted in approximately 40 billion dollars in asset evaporation for global investors, with around 200,000 victims in South Korea alone. There were tragic incidents of investors committing suicide due to heavy losses, and searches for suicides on the Mapo Bridge surged dramatically. At the same time, this incident triggered a chain reaction, not only causing Bitcoin to drop to 16,000 dollars but also indirectly leading to the subsequent bankruptcy of the FTX exchange, with multiple crypto lending and trading firms collapsing in succession, directly ushering in a crypto winter for the industry.
After the collapse, Do Kwon fled and was arrested in March 2023 for using a forged passport at an airport in Montenegro, subsequently being handed over to the U.S. judicial system. In August 2025, he admitted to multiple charges including wire fraud and securities fraud, attempting to negotiate a plea deal for a lighter sentence. On December 11 of the same year, a U.S. federal court ultimately sentenced him to 15 years in prison, a ruling also seen as a clear statement from U.S. regulators on addressing fraud in the cryptocurrency industry.