I have realized something. The truth behind the Luna collapse four years ago is finally about to be revealed in court.

In May 2022, $40 billion disappeared in just 72 hours. Once hailed as the greatest masterpiece in cryptocurrency history, UST, along with Luna at $116, plummeted to nearly zero. At that time, millions of ordinary investors lost their savings and could only watch the screens.

The official explanation was simple. The algorithm had flaws, Do Kwon lied, and the market naturally collapsed. Most people accepted this and moved on. That explanation remained unchanged for nearly four years.

But in February 2026, everything changed.

The bankruptcy trustee of Terraform Labs filed charges against one of the world's largest market makers, Jane Street. The allegations are shocking. An employee of the company, Bryce Pratt, allegedly created a secret chat called "Bryce's Secret" with former colleagues at Terraform, leaking inside information.

At 5:44 p.m. on May 7, just ten minutes after Terraform withdrew $150 million of UST from the Curve pool, a wallet associated with Jane Street withdrew $85 million. Immediately afterward, they began buying Luna at significant discounts. In other words, they knew about the collapse.

Another point of interest is Jump Trading. During the first crisis of UST in May 2021, Jump secretly bought $20 million worth of UST to support the market. In return, they acquired over 6 million Luna at $0.40 each when the market price was $90. They later sold these for an estimated profit of about $1.28 billion, according to lawsuits.

Jane Street has countered. They claim this is a "desperate lawsuit" and that the root cause was Do Kwon's fraud. In fact, Do Kwon was sentenced to 15 years in prison for fraud. Terraform Labs paid a fine of $4.47 billion.

But here’s the key point. The fact that the building had fatal structural flaws and that someone stole valuables before the collapse are separate issues.

Currently, Luna cryptocurrency has plummeted to $0.07, effectively delisted. Its former glory has completely vanished.

What this incident exposes is the fundamental inequality in the crypto market. While claiming to be "decentralized," those with an informational advantage always get the first move. From bank trading desks to the behind-the-scenes of blockchain, the essence remains unchanged.

Only the wealthy managed to escape in advance from the crumbling building. Ordinary people could only watch the candlestick decline. In the world of crypto and even in movies, the truth is the same.