Terra (LUNA) 灾难：价值 400 亿美元的灾难

泰拉（LUNA）发生了什么？为何投资者一夜之间损失数十亿？ 😱 让我们揭开这场震撼加密货币世界的史诗级崩溃的不为人知的故事。

What happened to Terra (LUNA)? And how did investors lose billions overnight? 😱 Let's unravel the untold story of this epic collapse that shook the crypto world.

泰拉（LUNA）发生了什么？投资者是如何一夜之间损失数十亿美元的？ 😱 让我们揭开这场震撼加密世界的史诗般崩溃的不为人知的故事。

1️⃣ The Terra Disaster: A $40 Billion Catastrophe

1️⃣ 泰拉灾难：价值 400 亿美元的灾难

In May 2022, Terra (LUNA) went from being one of the most hyped projects in crypto to a complete disaster. The market value? Gone. Trust? Shattered. 🌪️

2022 年 5 月，Terra（LUNA）从加密货币领域最受炒作的项目之一变成了彻底的灾难。市场价值？走了。相信？破碎了。 🌪️

Terra's collapse was one of the biggest setbacks in crypto history. Here's how it all went down... 👇

Terra 的崩溃是加密货币历史上最大的挫折之一。事情是这样的......👇

2️⃣ What Was Terra (LUNA) and UST?

2️⃣ Terra (LUNA) 和 UST 是什么？

Terra was built around UST, an algorithmic stablecoin designed to stay pegged to the dollar. But unlike traditional stablecoins like USDT, UST wasn’t backed by reserves — it relied on an ecosystem involving LUNA tokens. Sounds too good to be true, right? 🚀

Terra 是围绕 UST 构建的，UST 是一种旨在与美元挂钩的算法稳定币。但与 USDT 等传统稳定币不同，UST 没有储备支持——它依赖于涉及 LUNA 代币的生态系统。听起来好得令人难以置信，对吧？ 🚀

But it wasn’t as stable as they thought…

但事情并没有他们想象的那么稳定……

3️⃣ The "Stable" Model with a Fatal Flaw

3️⃣ 具有致命缺陷的“稳定”模型

Here’s how the system was supposed to work: You could swap 1 UST for $1 worth of LUNA — minting and burning LUNA to keep the price steady.

该系统的工作原理如下：您可以将 1 UST 兑换成价值 1 美元的 LUNA——铸造并销毁 LUNA 以保持价格稳定。

But when things went wrong, this mechanism spiraled into a disastrous chain reaction. 😣 Instead of stabilizing UST, it made everything worse. 🤯

但当出现问题时，这种机制就会演变成灾难性的连锁反应。 😣 这不但没有稳定 UST，反而让一切变得更糟。 🤯

4️⃣ The Crash Starts: Withdrawals from Anchor

4️⃣ 崩盘开始：Anchor 提现

In May 2022, the panic began. 🚨 UST’s $1 peg started to slip after massive withdrawals from Anchor, a DeFi platform offering a 20% yield on UST deposits. Investors rushed to pull out their funds, triggering a sell-off that sent UST's value plummeting. 📉

2022年5月，恐慌开始了。 🚨 在 Anchor（一个提供 UST 存款收益率 20% 的 DeFi 平台）大规模提款后，UST 的 1 美元挂钩开始下滑。投资者纷纷撤出资金，引发抛售，导致 UST 价值暴跌。 📉

5️⃣ The Death Spiral Begins

5️⃣ 死亡螺旋开始

As UST’s value dropped, the algorithm tried to mint more LUNA to restore the peg. But this flooded the market with trillions of LUNA tokens, causing its value to crash from $80 to nearly $0.0001. 😱 Terra’s $40 billion market cap evaporated overnight. 💥

随着 UST 的价值下降，该算法尝试铸造更多 LUNA 来恢复挂钩。但这导致市场上出现了数万亿的 LUNA 代币，导致其价值从 80 美元暴跌至近 0.0001 美元。 😱 Terra 400 亿美元的市值一夜之间蒸发。 💥

6️⃣ Do Kwon’s Desperate Moves

6️⃣ 权道的绝望举动

With UST and LUNA crumbling, all eyes were on Do Kwon, the project’s founder. Known for his bold and often defiant claims, Kwon’s tone shifted to full-on damage control.

随着 UST 和 LUNA 的崩溃，所有的目光都集中在该项目的创始人 Do Kwon 身上。权以其大胆且经常挑衅的主张而闻名，他的语气转向了全面的损害控制。

The team tried everything to save the situation: minting more LUNA, tapping Bitcoin reserves, but it was too little, too late. 💔

该团队尝试了一切来挽救局面：铸造更多的 LUNA，利用比特币储备，但太少、太晚了。 💔

7️⃣ A Fork in the Road: Terra’s “Recovery” Plan

7️⃣ 岔路口：Terra 的“复苏”计划

Kwon proposed a fork in the blockchain to launch a new version of LUNA. But the damage was done. Trust was shattered, and investors were in full retreat.

Kwon 提议在区块链中进行分叉，以推出新版本的 LUNA。但损害已经造成了。信任被粉碎，投资者全面撤退。

Legal battles soon followed, and Kwon was facing serious legal consequences. ⚖️

法律纠纷很快接踵而至，权面临着严重的法律后果。 ⚖️

8️⃣ Do Kwon’s Involvement and the Burning Wallet Controversy

8️⃣ Do Kwon的参与和烧钱包争议

It was revealed that Kwon had more control than he originally let on. Despite his claims, he controlled the burning wallet and had access to key actions that led to the collapse. 🧐

据透露，权的控制力比他最初表现出来的要强。尽管他声称，他控制了燃烧的钱包，并有权采取导致崩溃的关键行动。 🧐

9️⃣ Regulators Step In

9️⃣ 监管机构介入

Terra’s crash attracted global attention from regulators. 🚨 As the dust settled, governments and authorities began investigating Terra’s activities, with many raising concerns about fraud and market manipulation. 🌍

Terra的崩溃引起了全球监管机构的关注。 🚨 随着尘埃落定，各国政府和当局开始调查 Terra 的活动，许多人对欺诈和市场操纵表示担忧。 🌍

🔟 The Arrest of Do Kwon

🔟 道权被捕

In March 2023, after months on the run, Kwon was finally captured in Montenegro using a forged passport. 🛑 His arrest marked a new chapter in the legal fallout, with authorities from South Korea, the US, and beyond closing in on him. 🔍

2023 年 3 月，经过几个月的逃亡，权终于在黑山使用伪造的护照被捕。 🛑 他的被捕标志着法律后果的新篇章，来自韩国、美国和其他国家的当局正在对他进行围捕。 🔍

1️⃣1️⃣ The Bigger Lesson: Risk in Crypto

1️⃣1️⃣ 更大的教训：加密货币中的风险

The Terra collapse exposed the dangers of algorithmic stablecoins and risky DeFi projects. 🔥 It showed that in crypto, everything can change in an instant.

Terra 崩溃暴露了算法稳定币和高风险 DeFi 项目的危险。 🔥 它表明，在加密货币中，一切都可以瞬间改变。

The key takeaway? Do your research, understand the risks, and never invest more than you can afford to lose. 🚨

关键要点是什么？做好研究，了解风险，投资永远不要超过你能承受的损失。 🚨

This was one of the biggest crypto scandals of all time. Stay informed, stay safe, and always keep your eyes open in this volatile world. 🌍💡

这是有史以来最大的加密丑闻之一。在这个动荡的世界中保持知情、保持安全并始终保持警惕。 🌍💡

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请关注@Coinaute，点赞❤️，评论💬，并分享➡️这篇文章。让我们继续谈话吧！ 🙏

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