#加密货币监管 Do Kwon started in 2015, and this penalty really deserves a good look. A $40 billion hole, the judge called it a "catastrophic consequence," and I think that term is used quite lightly.

The most heartbreaking details: 20% Anchor yields, the "Korea Chai integration" hollow promises, the wildly hyped UST automatic recovery mechanism — I am all too familiar with this combination. High yield promises + subsidies to prop up the scene + hype propaganda = Ponzi scheme, this formula has played out countless times in the crypto world.

The real point to watch out for is this: many projects are still using the same tricks, just with different disguises. When I see claims like "high returns with zero risk," my immediate reaction is to just pass. How fast can a death spiral crash? The lesson from Luna is right there — going from heaven to hell in just a few days, retail investors crying before they even realize what hit them.

Strict regulation and heavy penalties are actually a good thing. Although they can't recover that $40 billion, at least they sound an alarm for future players. If founders dare to fake, boast, or use subsidies to dig pits, they now have to consider the consequences. For those who have been around on the chain for a long time, this is an opportunity to reduce the risk of getting caught in a trap. Don’t be blinded by high yields — no matter how big the scheme, it can still blow up.