#加密货币监管 Do Kwon sentenced to 15 years. Just finished reviewing the details of the verdict, and several key data points are worth noting:

**Scale of Loss**: $40 billion in market capitalization evaporated, a magnitude that exceeds the annual GDP fluctuations of most countries. From an on-chain perspective, the death spiral from UST de-pegging to Luna's zero value was completed in just a few days, reflecting the systemic risk of algorithmic stablecoins with such rapidity.

**Fund Flow Signals**: The 20% yield on Anchor Protocol is essentially a Ponzi scheme supported by subsidies—this was clearly recognized by the court. Historical on-chain data shows that high return promises combined with low transparency often precede large fund inflows and serve as early warning signs for subsequent rapid outflows.

**Regulatory Implications**: The heavy-handed sentencing (beyond prosecutors' recommendations) sends a clear message—algorithmic stablecoins are no longer experimental innovations but are now subject to strict scrutiny. This will directly impact the fundraising difficulty and compliance costs for similar projects in the future.

**Current Insights**: Hardened regulatory attitudes are now a fact. Going forward, it is crucial to monitor which projects continue to promote narratives of "high returns with zero risk." The on-chain fund movements of such projects warrant vigilance. The declines in LUNC and LUNA have been somewhat delayed in response, but this is normal—markets need time to digest regulatory expectations.