The Myth of Luna Coin in the Cryptocurrency World

Origin of the Myth: Luna Coin was once hailed as the 'Moutai of the cryptocurrency world' due to its high market value and investor enthusiasm. Its price soared at one point, becoming a market hotspot.

The Crash Incident: In May 2022, Luna Coin and its sister token UST both crashed to nearly zero in just a few days. This crash was related to the decoupling of the algorithmic stablecoin UST from the US dollar, triggering market panic and a sell-off. Nearly 370,000 investors faced liquidation, resulting in significant losses.

Reconciliation and Penalties: After the crash incident, the cryptocurrency company Terraform Labs and its CEO Do Kwon reached a settlement agreement with the U.S. Securities and Exchange Commission (SEC). Do Kwon is required to pay hefty fines and civil penalties, and faces professional bans among other penalties.

Current Status: As of November 14, 2024, the trading price of Luna Coin has dropped to $0.0000976, with a total market value of $557 million, in stark contrast to its former glory.

The crash of Luna Coin has provided investors with profound lessons and has prompted the cryptocurrency world to strengthen risk management and project evaluation.