#加密货币监管 Do Kwon was sentenced to 15 years, and this time the judge didn't hold back. The $40 billion LUNA disaster is right here, with 20% Anchor yields, Ponzi schemes, false advertising… one pitfall after another. Seeing LUNC and LUNA crash today, honestly, this shock is quite big, but it's also time to wake up.

This incident proves one fact: all the narratives of "high returns with zero risk" are complete nonsense; they will be paid back sooner or later. The concept of algorithmic stablecoins has been thoroughly nailed shut by this wave. For us players, the next wave of regulation will only be stricter—governments are setting rules and building defenses. Projects wanting to enter the market need to be more cautious, and those looking to buy the dip should think carefully.

In the short term, coin prices will continue to be under pressure, but in the long run, this is actually a process of industry cleansing. Truly capable projects will survive, while those relying on stories and subsidies are doomed to fail. The current panic is precisely the starting point for the next opportunity. Projects with clear mechanisms and no legal minefields are the ones worth paying attention to.