Terra 崩溃：加密货币市场波动和财富破碎的警示故事

Terra 的 LUNA 加密货币于 2022 年 5 月崩溃，对加密市场来说是一个警示。其价值一周内暴跌99.999%，给投资者造成数十亿美元的损失。这次失败源于一个有缺陷的算法稳定币模型，该模型将 LUNA 的价值与稳定币 UST 挂钩，而 UST 没有任何支持。在剧烈的波动中，投资者失去了毕生积蓄，创始人 Do Kwon 在被引渡到韩国之前成为逃亡者。如今，LUNA 的价值仍然微不足道，凸显了山寨币市场的脆弱性，并提醒人们投资高风险加密货币的相关风险。

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

Terra 崩溃：加密货币市场波动和财富损失的悲惨故事

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 月将作为前所未有的动荡和金融破坏的一个月，永远铭刻在加密货币的史册上。 Terra 的 LUNA 加密货币的崩溃给整个数字资产生态系统带来了冲击，留下了梦想破灭和财富蒸发的痕迹。

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，曾经市值超过 300 亿美元的前 10 名加密货币 LUNA 开始急剧下跌，最终导致其虚拟毁灭。几天之内，该代币从历史最高点 100 美元暴跌至仅 0.002 美元，市值蒸发近 300 亿美元。

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 的崩溃引发了整个加密货币市场的多米诺骨牌效应，导致其他山寨币的价值暴跌，并在整个行业传播了恐惧和不确定性。投资者被高回报和“稳定”算法稳定币的承诺吸引而涌入 Terra 生态系统，却发现自己持有毫无价值的代币。据说仅 LUNA 崩溃就给投资者带来的损失估计就超过 70 亿美元。

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 崩溃的影响远远超出了经济损失。它粉碎了人们对新兴加密货币行业的信任，引发了人们对算法稳定币的可行性和山寨币总体可靠性的严重质疑。这一事件还使投资高度波动和不受监管的加密货币相关的风险成为人们关注的焦点。

The Fragility of Algorithmic Stablecoins

算法稳定币的脆弱性

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 崩溃的核心是 Terra 算法稳定币 UST 设计中的根本缺陷。 UST 旨在通过涉及铸造或销毁 LUNA 代币的复杂机制来维持 1 美元的稳定价值。然而，这种机制被证明是不可持续的，因为它依赖于对 LUNA 不断增长的需求来维持锚定。

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 月开始失去锚定汇率后，引发了连锁反应。大量铸造LUNA是为了回购UST并稳定其价格，但这只会进一步稀释LUNA的价值，造成无法逆转的恶性循环。

The Fate of Do Kwon

道权的命运

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 的神秘创始人，在 LUNA 崩溃后成为加密货币社区的贱民。权被指控财务欺诈并面临韩国和美国的引渡请求，他逃离该国并在逃了几个月。

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，权在黑山国际机场被捕，结束了逃亡状态。他目前正面临引渡程序，如果罪名成立，可能会被判入狱数年。

The Aftermath

善后

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的崩溃对加密货币行业产生了深远的影响，给山寨币和算法稳定币的未来蒙上了长长的阴影。投资者在投资这些资产时变得更加谨慎，监管机构对监管加密货币领域也更加感兴趣。

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 的惨败也清楚地提醒人们，投资不受监管且高度波动的金融资产存在风险。它强调了对于冒险进入加密货币世界的投资者来说彻底的尽职调查和风险管理的重要性。

Lessons Learned

得到教训

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

LUNA 的崩溃给加密行业带来了一些宝贵的教训：

• 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.

算法稳定币本质上是有风险的：UST的设计被证明是不可持续的，凸显了依靠复杂机制来维持价格稳定的潜在危险。山寨币的波动性可能极大：LUNA的快速上涨和下跌证明了山寨币的波动性，这往往是由投机和炒作驱动的。尽职调查至关重要：投资者应该彻底研究他们计划投资的任何加密货币，关注底层技术和市场动态。风险管理至关重要：投资者应该只投资他们能负担得起的东西随着加密货币市场的不断发展，LUNA 的崩溃仍将清醒地提醒投资者面临的风险和挑战。通过向过去学习，我们可以更好地驾驭这一充满活力和不断发展的资产类别的未来。