Terra 崩盤：加密貨幣市場波動與財富破碎的警世故事

Terra 的 LUNA 加密貨幣於 2022 年 5 月崩潰，對加密市場來說是一個警告。其價值一週內暴跌99.999%，造成投資者數十億美元的損失。這次失敗源自於一個有缺陷的演算法穩定幣模型，該模型將 LUNA 的價值與穩定幣 UST 掛鉤，而 UST 沒有任何支援。在劇烈的波動中，投資者失去了畢生積蓄，創始人 Do Kwon 在被引渡到韓國之前成為逃亡者。如今，LUNA 的價值仍然微不足道，凸顯了山寨幣市場的脆弱性，並提醒人們投資高風險加密貨幣的相關風險。

The Terra Collapse: A Harrowing Tale of Crypto Market Volatility and Lost Fortunes

Terra 崩盤：加密貨幣市場波動與財富損失的悲慘故事

May 2022 will forever be etched in the annals of cryptocurrency history as a month of unprecedented turmoil and financial devastation. The collapse of Terra's LUNA cryptocurrency sent shockwaves throughout the digital asset ecosystem, leaving behind a trail of shattered dreams and evaporated wealth.

2022 年 5 月將作為前所未有的動盪和金融破壞的一個月，永遠銘刻在加密貨幣的史冊上。 Terra 的 LUNA 加密貨幣的崩潰給整個數位資產生態系統帶來了衝擊，留下了夢想破滅和財富蒸發的痕跡。

On May 10, 2022, LUNA, once a top-10 cryptocurrency with a market capitalization of over $30 billion, began a precipitous decline that would ultimately lead to its virtual annihilation. In a matter of days, the coin plunged from its all-time high of $100 to a mere $0.002, wiping out nearly $30 billion in market value.

2022 年 5 月 10 日，曾經市值超過 300 億美元的前 10 名加密貨幣 LUNA 開始急劇下跌，最終導致其虛擬毀滅。幾天之內，該代幣從歷史最高點 100 美元暴跌至僅 0.002 美元，市值蒸發近 300 億美元。

The collapse of LUNA triggered a domino effect across the crypto market, sending the value of other altcoins plummeting and spreading fear and uncertainty throughout the industry. Investors, who had flocked to Terra's ecosystem lured by promises of high returns and a "stable" algorithmic stablecoin, found themselves holding worthless tokens. The estimated loss to investors from the LUNA collapse alone is said to exceed $7 billion.

LUNA 的崩潰引發了整個加密貨幣市場的骨牌效應，導致其他山寨幣的價值暴跌，並在整個行業中傳播了恐懼和不確定性。投資者被高回報和「穩定」演算法穩定幣的承諾吸引而湧入 Terra 生態系統，卻發現自己持有毫無價值的代幣。據說光是 LUNA 崩盤就給投資者帶來的損失估計就超過 70 億美元。

But the impact of the LUNA collapse extended far beyond financial losses. It shattered trust in the nascent cryptocurrency industry, raising serious questions about the feasibility of algorithmic stablecoins and the reliability of altcoins in general. The episode also brought into sharp focus the risks associated with investing in highly volatile and unregulated cryptocurrencies.

但 LUNA 崩潰的影響遠遠超出了經濟損失。它粉碎了人們對新興加密貨幣產業的信任，引發了人們對演算法穩定幣的可行性和山寨幣整體可靠性的嚴重質疑。這一事件也使投資高度波動和不受監管的加密貨​​幣相關的風險成為人們關注的焦點。

The Fragility of Algorithmic Stablecoins

演算法穩定幣的脆弱性

At the heart of the LUNA collapse was a fundamental flaw in the design of Terra's algorithmic stablecoin, UST. UST was designed to maintain a stable value of $1 through a complex mechanism that involved minting or burning LUNA tokens. However, this mechanism proved to be unsustainable, as it relied on an ever-increasing demand for LUNA to maintain the peg.

LUNA 崩潰的核心是 Terra 演算法穩定幣 UST 設計中的根本缺陷。 UST 旨在透過涉及鑄造或銷毀 LUNA 代幣的複雜機制來維持 1 美元的穩定價值。然而，這種機制被證明是不可持續的，因為它依賴對 LUNA 不斷增長的需求來維持錨定。

Once UST began to lose its peg in May 2022, a chain reaction was triggered. LUNA was minted in massive quantities to buy back UST and stabilize its price, but this only served to further dilute the value of LUNA, creating a downward spiral that could not be reversed.

UST 在 2022 年 5 月開始失去錨定匯率後，引發了連鎖反應。大量鑄造LUNA是為了回購UST並穩定其價格，但這只會進一步稀釋LUNA的價值，造成無法逆轉的惡性循環。

The Fate of Do Kwon

道權的命運

Do Kwon, the enigmatic founder of Terra, became a pariah in the crypto community in the aftermath of the LUNA collapse. Accused of financial fraud and facing extradition requests from both South Korea and the United States, Kwon fled the country and remained a fugitive for months.

Do Kwon 是 Terra 的神秘創始人，在 LUNA 崩潰後成為加密貨幣社群的賤民。權力被指控財務欺詐並面臨韓國和美國的引渡請求，他逃離該國並在逃了幾個月。

In December 2022, Kwon was arrested in the international airport of Montenegro, ending his fugitive status. He is currently facing extradition proceedings and could spend years in prison if convicted.

2022年12月，權在黑山國際機場被捕，結束了逃亡狀態。他目前正面臨引渡程序，如果罪名成立，可能會被判入獄數年。

The Aftermath

善後

The LUNA collapse has had a profound impact on the cryptocurrency industry, casting a long shadow over the future of altcoins and algorithmic stablecoins. Investors have become more cautious when investing in these assets, and regulators have taken a keener interest in overseeing the crypto space.

LUNA的崩潰對加密貨幣產業產生了深遠的影響，為山寨幣和演算法穩定幣的未來蒙上了長長的陰影。投資者在投資這些資產時變得更加謹慎，監管機構對監管加密貨幣領域也更加感興趣。

The LUNA fiasco has also served as a stark reminder of the risks associated with investing in unregulated and highly volatile financial assets. It has underscored the importance of thorough due diligence and risk management for investors who venture into the world of cryptocurrencies.

LUNA 的慘敗也清楚地提醒人們，投資不受監管且高度波動的金融資產存在風險。它強調了對於冒險進入加密貨幣世界的投資者來說徹底的盡職調查和風險管理的重要性。

Lessons Learned

得到教訓

The LUNA collapse has taught the crypto industry several valuable lessons:

LUNA 的崩潰為加密產業帶來了一些寶貴的教訓：

• Algorithmic stablecoins are inherently risky: The design of UST proved to be unsustainable, highlighting the potential dangers of relying on complex mechanisms to maintain a stable price.
• Altcoins can be extremely volatile: LUNA's rapid rise and fall is a testament to the volatility of altcoins, which are often driven by speculation and hype.
• Due diligence is essential: Investors should thoroughly research any cryptocurrency they plan to invest in, paying attention to the underlying technology and market dynamics.
• Risk management is crucial: Investors should only invest what they can afford to lose and spread their investments across multiple assets.

As the crypto market continues to evolve, the LUNA collapse will remain a sobering reminder of the risks and challenges that investors face. By learning from the past, we can better navigate the future of this dynamic and evolving asset class.

演算法穩定幣本質上是有風險的：UST的設計被證明是不可持續的，凸顯了依靠複雜機制來維持價格穩定的潛在危險。山寨幣的波動性，這往往是由投機和炒作驅動的。應該只投資他們能負擔得起的東西隨著加密貨幣市場的不斷發展，LUNA 的崩潰仍將清醒地提醒投資者面臨的風險和挑戰。透過向過去學習，我們可以更好地駕馭這個充滿活力和不斷發展的資產類別的未來。