The great dream of algorithmic stablecoins has ultimately shattered.

Do Kwon's story is arguably the most dramatic reversal in the crypto world. The former "Algorithm Emperor," who created the Luna ecosystem and attracted investors worldwide, saw over $40 billion evaporate in an instant—this scale is definitely the "Titanic" event of the crypto universe. The difference is, this time it wasn't an iceberg but a deadly flaw in the algorithmic mechanism itself.

The recent New York court ruling gave everyone an answer: 15 years behind bars. The judge's words were quite poignant—"This is not an error, but a deliberate deception." From founder to prisoner, who can truly grasp this stark contrast?

The chain reaction of the incident affected the entire ecosystem. Many investors are still digesting the impact of the collapse. This case has also become a live textbook for the risks of stablecoin design—no matter how sophisticated the algorithm, if it lacks backing by real assets, once confidence falters, it's a free fall.

The stories in the crypto market are always so dramatic. Some use innovation to rewrite the industry, while others use deception to erode trust. The lessons from the past are still vivid, and newcomers must continue to tread this path.