加密市場上衝行情正在進行中，所有代幣的市值達到了超過4.06萬億美元的重要裏程碑。比特幣徘徊在歷史最高點附近，而以太坊已經飆升至4600美元以上。一些頂級代幣包括Fartcoin、Jasmy和LINK。那麼，爲什麼加密

FARTCOIN

JASMY

Chainlink

![北京加密洗錢案引發對價值2000萬美元數字資產流動的關注](https://img-cdn.gateio.im/social/moments-4d3328881fbef1f12a2936cbd2908e44)加密市場上衝行情正在進行，所有代幣的市值達到了超過4.06萬億美元的重要裏程碑。比特幣徘徊在歷史最高點附近，而以太坊已飆升至4600美元以上。一些頂級代幣包括Fartcoin、Jasmy和Chainlink。那麼，爲什麼今天加密貨幣會漲？

![加密貨幣今天漲](http://img-cdn.gateio.im/social/moments-9ae0d8be974acaf5d09e0c845454319a) 
## 加密市場上衝行情，因聯邦儲備利率下調的可能性上升

加密市場漲的一個原因是，過去幾周聯邦儲備委員會降息的概率上升。這些概率在美國發布了一份疲弱的非農就業報告後激增，該報告顯示由於公司對唐納德·川普的關稅感到擔憂，招聘幾乎停滯不前。

周二，在美國發布最新的消費者物價指數(CPI)數據後，賠率再次上升。該報告顯示，7月份的整體消費者物價指數保持在2.7%，盡管核心數據上升至3.1%.

因此，Polymarket對联准会降息的賠率躍升至90%以上，而CME联准会期貨數字躍升至87%以上。當联准会降低利率時，加密貨幣和其他風險資產會蓬勃發展，因爲這會降低資本成本。

## 比特幣價格接近歷史最高點

另一個導致加密貨幣漲的原因是Fartcoin、Jasmy和Chainlink的帶動，因爲比特幣本週強勢突破，接近歷史最高點。

比特幣價格爲$120,000，較本週的高點$122,500下跌。因此，交易者希望該幣能繼續漲，可能達到歷史最高點。

在比特幣強勁的牛市期間，山寨幣往往表現良好，這主要是由於對錯失良機的恐懼(FOMO)以及這些代幣的價格明顯低於BTC。

## 上升的機構需求

加密市場上衝行情正在發生，因爲這些代幣的機構需求不斷上升。數據顯示，周二現貨以太坊ETF的淨流入爲5.23億美元，低於周一的10.2億美元。這些基金的淨累計流入爲113.6億美元。

黑石的ETHA ETF持有超過140億美元，而Grayscale的ETHE和Fidelity的FETH分別擁有51億美元和36億美元的資產

現貨比特幣ETF周二增加了6500萬美元，低於前一天的1.78億美元。這些基金的累計流入超過540億美元，其中IBIT的流入超過580億美元，資產達到890億美元。

與此同時，國庫公司的數量正在飆升。例如，Tom Lee 的 BitMine 持有價值超過 38.7 億美元的幣，現在正在爲這次積累籌集超過 200 億美元。SharpLink 也在籌集資金以購買以太。

所有這些公司都旨在實現Strategy的成功，因爲其市值從2020年不足10億美元飆升至今天的超過1150億美元。

## 加密市場上衝行情發生，恐懼與貪婪指數跳升

加密市場正在升溫，因爲恐懼與貪婪指數上升到62的貪婪區。恐懼與貪婪指數的上升是動物精神和錯失恐懼(FOMO)回歸市場的跡象。

歷史上，當市場上存在貪婪情緒時，加密貨幣表現良好。事實上，數據顯示投資者需求正在上升，24小時交易量上升了12%，接近2200億。

文章《爲什麼今天加密貨幣漲，Fartcoin、Jasmy和Chainlink領漲？》首先出現在Invezz上

A crypto market rally is underway, with the market capitalization of all tokens hitting the important milestone of over $4.06 trillion. Bitcoin is hovering near its all-time high, while Ethereum has soared above $4,600. Some of the top tokens were Fartcoin, Jasmy, and Chainlink. So, why is crypto

![Beijing crypto laundering case triggers scrutiny on digital asset flows worth $20 million](https://img-cdn.gateio.im/social/moments-4d3328881fbef1f12a2936cbd2908e44)A crypto market rally is underway, with the market capitalization of all tokens hitting the important milestone of over $4.06 trillion. Bitcoin is hovering near its all-time high, while Ethereum has soared above $4,600. Some of the top tokens were Fartcoin, Jasmy, and Chainlink. So, why is crypto going up today?

![Crypto is going up today](https://img-cdn.gateio.im/social/moments-9ae0d8be974acaf5d09e0c845454319a)  
## Crypto going up as Federal Reserve rate cut odds jump

One reason why the crypto is going up is that the odds of the Federal Reserve interest rate cut odds have risen in the past few weeks. These odds jumped after the US published a weak non-farm payrolls (NFP) report, which showed that hiring had largely stalled as companies remained concerned about Donald Trump’s tariffs.

The odds jumped again on Tuesday after the US published the latest consumer price index (CPI) data. This report revealed that the headline consumer price indexremained at 2.7% in July, even as the core figure jumped to 3.1%

Consequently, Polymarket odds of a Fed cut jumped to over 90%, while the CME Fed futures number jumped to over 87%. Cryptocurrencies and other risky assets thrive when the Federal Reserve is cutting interest rates as doing that reduces the cost of capital.

## Bitcoin price is close to its all-time high

The other reason why crypto is going up led by Fartcoin, Jasmy, and Chainlink is that Bitcoin made a strong breakout this week and neared its all-time high 

Bitcoin price trades at $120,000, down from this week’s high of $122,500. As such, traders are hopeful that the coin will continue rising and possibly reach its all-time high.

Altcoins tend to perform well during Bitcoin’s strong bull run due to the fear of missing out (FOMO) and the fact that these tokens are significantly cheaper than BTC.

## Rising institutional demand

The crypto market rally is happening because of the rising institutional demand for these tokens. Data shows that spot Ethereum ETFs had net inflows of $523 million on Tuesday, lower than Monday’s $1.02 billion. These funds have had net cumulative inflows of $11.36 billion 

BlackRock’s ETHA ETF holds over $14 billion, while Grayscale’s ETHE and Fidelity’s FETH have $5.1 billion and $3.6 billion in assets, respectively 

Spot Bitcoin ETFs added $65 million on Tuesday, a drop from the previous day’s $178 million. These funds have had a cumulative inflow of over $54 billion, with IBIT having over $58 billion in inflows and $89 billion in assets 

At the same time, the number of treasury companies is soaring. For example, Tom Lee’s BitMine holds coins worth over $3.87 billion and is now raising over $20 billion for this accumulation. SharpLink is also raising funds to buy ETH.

All these companies are aiming to achieve the success that Strategy has as its market capitalization soared from below $1 billion in 2020 to over $115 billion today.

## Crypto rally happening as Fear and Greed Index jumps

The crypto market is gaining steam as the Fear and Greed Index moves to the greed zone of 62. A rising Fear and Greed Index is a sign that animal spirits and the fear of missing out (FOMO) is returning to the market 

Historically, cryptocurrencies do well when there is greed in the market. Indeed, data shows that investor demand is rising, with the 24-hour volume rising by 12% to nearly $220 billion.

The post Why is crypto going up today as Fartcoin, Jasmy, and Chainlink lead? appeared first on Invezz

Why is crypto going up today as Fartcoin, Jasmy, and Chainlink lead?

今天爲什麼加密貨幣漲，Fartcoin、Jasmy 和 Chainlink 領漲？

狗狗幣經歷了衝鋒，交易價爲$0.2353，24小時內上漲了6%，這使其在8月份幾乎漲了20%。

DOGE

在經歷了八月初的緩慢開局後，狗狗幣似乎終於加快了步伐，同時本週也獲得了顯著的收益。

當前，作爲小幣種領頭羊的狗狗幣價格爲$0.2353，在過去24小時內上漲了近6%。這些收益進一步鞏固了DOGE近20%的i

Dogecoin has experienced a surge in value, trading at $0.2353 with a 6% increase in 24 hours, contributing to its nearly 20% rise in August.

After seeing a slow start to August, Dogecoin appears to have finally picked up the pace, while also picking up significant yields this week 

The memecoin pack leader is currently trading at $0.2353, up by nearly 6% in the last 24 hours. Those gains further reinforce DOGE’s near 20% i

Doge Price Rally Fueled by $6M Corporate DOGE Buy: A Technical Breakdown

狗狗幣價格漲受到600萬美元企業買入DOGE的推動：技術分析

Terraform Labs的聯合創始人Do Kwon將對與2022年Terra USD崩潰相關的電匯詐騙和共謀指控認罪，面臨最長25年的監禁。他的法律問題涉及多個國家，導致對他的民事欺詐裁定。

現已破產的Terraform Labs的聯合創始人Do Kwon的漫長法律鬥爭達到了轉折點。Kwon據報道已通知美國法院，他將對針對他的電信欺詐和共謀欺詐指控認罪。

這發生在與Terra USD崩潰相關的多年調查和審判之後，這是一種所謂的算法穩定幣。2022年，這種數字代幣的崩潰使數百億的價值蒸發，並在全球加密市場引發了震蕩。

## Do Kwon 放棄審判，面臨最高 25 年監禁

根據路透社報道，這位33歲的創始人在法庭上表示，他將放棄接受審判的權利。

據報道，權承認他做出這個決定時完全知道自己可能面臨長達25年的監禁。這一確認是在美國地方法官保羅·恩格爾梅爾的一份通知之後，通知中指出權可能會改變他的認罪態度。

此法律案件始於2023年3月，當時美國檢方對Kwon提出了廣泛的指控。他被指控犯有電信欺詐、市場操縱、證券欺詐、商品欺詐、洗錢和共謀欺詐。

## Terra USD 崩潰引發重大加密貨幣崩盤

這些費用是在Terra USD突然崩潰後產生的。與由真實貨幣或資產支持的常規穩定幣不同，Terra USD使用復雜的計算機程序和其合作代幣Luna來保持其價格穩定。

最初，這個代幣取得了巨大的成功，吸引了數十億投資者，使權廣受歡迎於加密行業。然而，在2022年，Terra的系統失敗，Luna的價值崩潰。這導致了加密市場的重大危機，並導致其他幾家加密公司的倒閉。

自從其重大金融危機以來，Terraform Labs 一直在努力償還受 Terra 崩盤影響的投資者。2025年3月，該公司推出了一個在線索賠門戶，供受影響的受害者使用。

## Terraform 聯合創始人被引渡到美國，因民事欺詐被判有罪

權的法律問題跨越多個國家。2023年3月，他因使用僞造的旅行證件在黑山被捕。美國和韓國均已發出逮捕令。

經過在黑山幾個月的審理，他於2024年12月被引渡到美國。

除了刑事案件外，Kwon 和 Terraform Labs 還面臨由美國證券交易委員會（SEC）於2023年2月提出的民事訴訟。審判於3月開始，Kwon 並未出席。年末，陪審團裁定該機構勝訴，認爲 Terraform 和 Kwon 都誤導了投資者，構成民事欺詐。

陪審團同意證券交易委員會的說法，即Kwon和Terraform通過在買賣與Terraform相關的證券時實施欺詐，違反了聯邦證券法。

The post Terraform 的 Do Kwon 將在 Terraform 欺詐案中認罪 appeared first on TheCoinrise.com.

Do Kwon, co-founder of Terraform Labs, will plead guilty to wire fraud and conspiracy charges linked to the 2022 Terra USD collapse, facing up to 25 years in prison. His legal troubles have spanned multiple countries, leading to civil fraud findings against him.

The long-running legal saga of Do Kwon, co-founder of the now-defunct Terraform Labs, has reached a turning point. Kwon reportedly has informed a U.S. court that he will plead guilty to wire fraud and conspiracy to defraud charges levied against him 

This comes after years of investigations and trials linked to the collapse of Terra USD, a so-called algorithmic stablecoin. The collapse of the digital token in 2022 wiped out tens of billions of dollars in value and sent shockwaves through the global crypto market.

## Do Kwon Waives Trial, Faces Up to 25 Years in Prison

According to Reuters, the 33-year-old founder told the court he would give up his right to a trial 

Reportedly, Kwon admitted to this decision knowing fully well he could face up to 25 years in prison. This confirmation followed a note from the U.S. District Judge Paul Engelmayer indicating that Kwon might change his plea.

This legal case started in March 2023 after the U.S. prosecutors filed sweeping charges against Kwon. He was accused of wire fraud, market manipulation, securities fraud, commodities fraud, money laundering and conspiracy to commit fraud 

## Terra USD Crash Sparks Major Crypto Meltdown

These charges came after the sudden crash of Terra USD. Unlike regular stablecoins backed by real money or assets, Terra USD used complicated computer programs and its partner token, Luna, to keep its price steady 

At first, the token became hugely successful, attracting billions from investors and making Kwon widely popular in the crypto industry. However, in 2022, Terra’s system failed, and Luna’s value collapsed. This caused a major crisis in the crypto market and led to the downfall of several other crypto companies.

Since its major financial crisis, Terraform Labs has been working to pay back investors who were affected by the Terra collapse. In March 2025, the firm launched an online claims portal for affected victims.

## Terraform co-Founder Extradited to U.S., Found Guilty of Civil Fraud

Kwon’s legal troubles spanned multiple countries. In March 2023, he was arrested in Montenegro for using forged travel documents. Both the U.S. and South Korea had issued arrest warrants 

After months of proceedings in Montenegro, he was extradited to the U.S. in December 2024.

Beyond the criminal case, Kwon and Terraform Labs faced a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in February 2023. The trial began in March without Kwon’s presence. Later in the year, a jury ruled in the agency’s favor, stating that both Terraform and Kwon had misled investors and were guilty of civil fraud.

The jury agreed with the SEC’s claims that Kwon and Terraform violated federal securities laws by committing fraud in the buying and selling of Terraform-related securities.

The post Terraform’s Do Kwon Set to Plead Guilty in Terraform Fraud Case appeared first on TheCoinrise.com.

Terraform’s Do Kwon Set to Plead Guilty in Terraform Fraud Case

Terraform 的 Do Kwon 將在 Terraform 欺詐案中認罪

Strategy，一家由Michael Saylor共同創辦的公開交易美麗國公司，因關於其巨大的460億美元BTC儲備可能作爲美麗國戰略比特幣儲備的潛在後門而成爲新聞焦點。這一猜測是在一位加密分析師聲稱Tom Lee的情況下產生的，

DROPS

BOMB

Strategy，這是一家由Michael Saylor共同創辦的上市美麗國公司，因關於其巨額460億美元BTC儲備可能作爲美麗國戰略比特幣儲備的潛在後門的傳聞而成爲頭條新聞。這一猜測源於一位加密分析師聲稱，著名金融分析師和華爾街策略師Tom Lee暗示Saylor可能代表美麗國政府購買BTC。

## 戰略的 BTC 儲備與美麗國比特幣儲備相關聯

在比特幣積累競賽中，新的發展出現，因加密分析師Lupin在8月10日的X社交媒體上聲稱，Lee確認了他長期以來的看法，即Saylor可能正在爲美麗國政府收購BTC。在最近的一次播客中，Lee透露，Strategy目前控制着比特幣流通供應的3.2%，價值約爲460億美元。

這位華爾街策略師聲稱，該公司計劃將其持有的BTC增加到至少一百萬個，約佔整個網路的5%。他將這一雄心勃勃的目標描述爲建立一個“主權認購權”，這可能使Strategy的BTC儲備對美麗國具有戰略重要性。

盡管Strategy收購一百萬BTC的目標可能是可實現的，但Lee認爲美國政府公開進行這樣的購買幾乎是不可能的，因爲這會引發極端的供應衝擊。他聲稱，公開宣布如此規模的購買可能會縮小市場中的賣家，並立即將比特幣的價格推至100萬美元。基於這一觀點，Strategy可以作爲建立美國戰略比特幣儲備的一個更爲謹慎的渠道。

## 財政部可能正在爲美國政府購買ETH

值得注意的是，李的聲明與Lupin在加密市場中強調的重要機構舉措相吻合。這位加密分析師報告稱，在不到30天的時間裏，Bitmine，一家區塊鏈技術公司，已成爲全球第25大資產的最大持有者。與此同時，至少有五家公司在2025年推出以太坊戰略儲備，計劃籌集數十億以積累ETH。

這波以太坊的突然漲引發了Lupin的質疑，是否前五大財政之一也在悄悄代表美國政府購買ETH。分析師還指出，這些舉動重新引起了人們對HEX創始人Richard Heart在2024年初積極積累以太坊的關注。根據Lupin的說法，Heart的決定現在看起來幾乎是預言性的，因爲在2025年中期隨之而來的機構活動激增。

總體而言，Strategy不斷增加的BTC積累、Bitmine的快速資產整合以及機構對ETH日益增長的接受度，讓Lupin質疑當前市場的看漲程度。在這些變化中，Strategy保持了其激進的買入潮，最近又增加了155 BTC，價值1800萬美元，加入其龐大的比特幣投資組合。這家上市公司目前持有628,946 BTC，總共花費高達460.9億美元，每個代幣價格爲73,288美元。

！[Bitcoin](http://img-cdn.gateio.im/social/moments-fe2a96deae7522ce985f38dd0583c450)

Strategy, a publicly traded American company co-founded by Michael Saylor, is making headlines as rumors swirl about its massive $46 billion BTC stash being used as a potential backdoor for a US strategic Bitcoin reserve. The speculation arose after a crypto analyst claimed that Tom Lee, a

Strategy, a publicly traded American company co-founded by Michael Saylor, is making headlines as rumors swirl about its massive $46 billion BTC stash being used as a potential backdoor for a US strategic Bitcoin reserve. The speculation arose after a crypto analyst claimed that Tom Lee, a well-known financial analyst and Wall Street strategist, suggested that Saylor might be buying BTC on behalf of the US government 

## Strategy’s BTC Stash Linked To US Bitcoin Reserve

A new development in the Bitcoin accumulation race has erupted after crypto analyst Lupin claimed in an August 10 post on X social media that Lee has confirmed his long-standing belief that Saylor may be acquiring BTC for the US government. In a recent podcast appearance, Lee revealed that Strategy currently controls 3.2% of Bitcoin’s circulating supply, valued at around $46 billion.

The Wall Street strategist had claimed that the company plans to boost its holdings to at least one million BTC, representing roughly 5% of the total network. He characterized this ambitious goal as establishing a “sovereign put,” potentially making Strategy’s BTC stash strategically important to the United States 

While Strategy’s goal of acquiring a million BTC may be achievable, Lee argued that it would be nearly impossible for the US government to make such a purchase openly without triggering an extreme supply shock. He claims that publicly announcing a buy of that scale would likely shrink sellers within the market and drive the price of Bitcoin to $1 million instantly. Based on this view, Strategy could serve as a more discreet channel for building a US strategic Bitcoin reserve 

## Treasury Could Be Buying ETH For US Government

Notably, Lee’s statement lands alongside significant institutional moves highlighted by Lupin within the crypto market. The crypto analyst reported that in under 30 days, Bitmine, a blockchain technology company, has become the largest holder of the world’s 25th biggest asset. Meanwhile, at least five corporations have launched Ethereum strategic reserves in 2025, with plans to raise billions to accumulate ETH 

This sudden rush in Ethereum has raised questions from Lupin about whether one of the top five treasuries could also be quietly buying ETH on behalf of the US government. The analyst also noted that these moves have renewed focus on HEX founder Richard Heart’s aggressive Ethereum accumulation in early 2024. According to Lupin, Heart’s decision now appears almost prophetic, given the surge of institutional activity that followed in mid-2025 

Overall, the convergence of Strategy’s escalating BTC accumulation, Bitmine’s rapid asset consolidation, and the growing institutional embrace of ETH has left Lupin questioning just how bullish the current market may be. Amid these shifts, Strategy has kept up its aggressive buying spree, most recently adding 155 BTC, valued at $18 million, to its massive Bitcoin portfolio. The publicly traded company now holds a total of 628,946 BTC, acquired for a whopping $46.09 billion at $73,288 per token 

![Bitcoin](https://img-cdn.gateio.im/social/moments-fe2a96deae7522ce985f38dd0583c450)

Tom Lee Drops Bomb On Strategy’s $46B Bitcoin Stash, Saylor Is Buying BTC For The US Government?

湯姆·李對戰略的460億美元比特幣儲備進行了重磅評估，賽勒是否在爲美國政府購買BTC？

曾經備受贊譽的加密企業家Do Kwon，其公司Terraform Labs在400億美元的市場崩潰中倒閉，最終在美國對電信欺詐和共謀欺詐認罪。
根據來自紐約南區美國地方法院的公開信息，Kwo

LUNA

LUNC

![Do Kwon 在美國因電匯欺詐和合謀以致 Terra 400 億美元崩潰而認罪，面臨長達 25 年的監禁。](https://img-cdn.gateio.im/social/moments-8a1ec336a6b2b924f563998585ca856c)Do Kwon，曾是一位備受贊譽的加密企業家，其公司 Terraform Labs 在 400 億美元的市場崩潰中倒閉，他最終在美國認罪，承認電匯欺詐和合謀欺詐。

根據來自紐約南區美國地方法院的公開信息，權放棄了對他面臨的九項刑事指控中的兩項的審判權，並在周二的聽證會上承認了有罪。

每項罪名的法定最高刑期爲20年，檢察官表示，如果連續服刑，合並的懲罰可能達到25年。

權的堅定立場在法庭上終於在壓力下彎曲了

在從黑山被飛入後的一年多時間裏，權堅決對每一項指控保持無罪辯護，從證券欺詐到市場操縱和洗錢。

他的律師們爲一場可能會拖延到2026年初的審判做好了準備，檢方警告說，審判因六千兆字節的證據和幾臺仍在等待破解的加密設備而變得緩慢。

現在，法庭記錄顯示，權在最近幾周與檢察官討論後認罪。自八月以來，有報道稱雙方都在考慮達成協議。

雖然該協議僅解決了美國刑事案件中的兩項指控，但它對其他待處理的指控——包括在韓國的指控——未作處理。

該請求也不會影響美國證券交易委員會今年早些時候已施加的45億美元民事罰款。

## 這是多年Terra案件的結束嗎？

判刑尚未安排，但法律分析師預計法庭將在未來幾個月內設定日期。Terra崩潰的受害者——全球可能超過一百萬——將有機會根據2004年的《全民正義法》提交聲明。

美國司法部已經啓動了一個專門的受害者通知網站，以管理這一前所未有的案件規模。

檢察官也可能會要求大量的賠償令，盡管跨多個司法管轄區追蹤和恢復投資者損失的復雜性可能會延遲這些程序。

與此同時，韓國當局表示，他們仍然打算在美國訴訟結束後追究自己的刑事案件。

Kwon可能會面臨更多的海外監禁時間。

## 權在壓力下彎曲

幾個月來，Kwon 將自己描繪成 Terra 崩潰的旁觀者，而不是推動其發生的人。

然而，當檢察官披露他們準備提供來自前Terraform內部人士的證詞和關鍵財務記錄時，他的法律辯護失去了優勢，這些證據將Kwon直接與在TerraUSD崩潰前支撐其的欺詐行爲聯繫起來。

2022年TerraUSD的崩潰是一種算法穩定幣，旨在通過與其姐妹代幣LUNA的自動交易維持1美元的掛鉤，在短短幾天內抹去了數百億的市場價值。

這次崩潰引發了加密貨幣領域的連鎖反應，導致幾家對沖基金和交易所的崩潰，並促成了加密市場歷史上最陡峭的下跌之一。

美國、韓國、新加坡及若幹歐洲國家的監管機構展開調查，因爲損失蔓延至跨境。

許多來自亞洲、歐洲和北美的散戶投資者看着他們的畢生積蓄蒸發。

美國證券交易委員會後來指控Terraform Labs和Kwon策劃了一項方案，誤導投資者對TerraUSD的穩定性和公司的財務健康狀況。

隨着周二的認罪，長期的法律鬥爭出現了決定性的轉折，但對於許多受害者來說，問題仍然是是否有可能恢復損失，或者Kwon的有罪承認是否僅僅是對加密貨幣最具破壞性的失敗之一的認可。

## LUNA和LUNC將會發生什麼？

雖然Terra生態系統已經分裂，但LUNC——現在被稱爲Terra Luna Classic——完全由社區控制運行

隨着Terraform Labs因崩潰和破產而退出，鏈通過鏈上投票和志願開發者繼續生存。

燃燒活動逐漸減少其龐大的供應量，但在沒有統一的戰略或強大支持者的情況下，其未來走向仍然模糊。

LUNA，源於Terra在2022年分叉成Terra 2.0的代幣，正面臨自身的身分危機。它存在於一個正常運作的權益證明網路上，但曾經推動其增長的領導層已不復存在。

Terraform Labs的崩潰和Do Kwon的法律失敗將其留給了分散的貢獻者，每個人都有想法但沒有統一的願景，一個活躍在代碼中的區塊鏈，但在尋找目標。

這篇文章《突發：Do Kwon認罪於電信詐騙——LUNA和LUNC的下一步是什麼？》首次出現在Invezz上。

Do Kwon, a once-celebrated crypto entrepreneur whose company Terraform Labs collapsed in a $40 billion market fallout, has finally pleaded guilty to wire fraud and conspiracy to defraud in the United States.
Per public information from the US District Court in the Southern District of New York, Kwo

![Do Kwon pleads guilty in the US to wire fraud and conspiracy over Terra’s $40B collapse, facing up to 25 years in prison.](https://img-cdn.gateio.im/social/moments-8a1ec336a6b2b924f563998585ca856c)Do Kwon, a once-celebrated crypto entrepreneur whose company Terraform Labs collapsed in a $40 billion market fallout, has finally pleaded guilty to wire fraud and conspiracy to defraud in the United States.

Per public information from the US District Court in the Southern District of New York, Kwon waived his right to trial on two of the nine criminal charges he faced and admitted guilt in Tuesday’s hearing 

Each count carries a statutory maximum sentence of 20 years, with prosecutors indicating that if served consecutively, the combined penalty could reach up to 25 years.

Kwon’s unshakable posture in court has finally bent under pressure 

For over a year after being flown in from Montenegro, Kwon stood firm on his not-guilty plea to every charge, from securities fraud to market manipulation and money laundering 

His lawyers geared up for a trial that prosecutors warned could stretch into early 2026, slowed by six terabytes of evidence and several encrypted devices still waiting to be cracked.

Now, court records show that Kwon entered the guilty plea after discussions with prosecutors in recent weeks. Since August, there have been reports that both sides were considering a deal.

While the agreement resolves only two counts in the US criminal case, it leaves other pending charges — including those in South Korea — untouched.

 The plea also does not affect the $4.5 billion civil penalty already imposed by the US Securities and Exchange Commission earlier this year.

## Is this end of the multi-year Terra case?

Sentencing has not yet been scheduled, but legal analysts expect the court to set a date in the coming months. Victims of the Terra collapse — potentially more than one million worldwide — will have the opportunity to submit statements under the Justice for All Act of 2004 

The Department of Justice in the United States has already launched a dedicated victim notification website to manage the unprecedented scale of the case.

Prosecutors are also likely to press for substantial restitution orders, though the complexity of tracing and recovering investor losses across multiple jurisdictions could delay those proceedings 

Meanwhile, South Korean authorities have said they still intend to pursue their own criminal case once US proceedings conclude. 

It is likely Kwon may be looking at more prison time abroad.

## Kwon bends under pressure

For months, Kwon framed himself as a bystander to the Terra downfall, not the one who set it in motion.

However, his legal defence lost ground when the prosecutor disclosed they were prepared to present testimony from former Terraform insiders and key financial records linking Kwon directly to deceptive practices that propped up TerraUSD before its crash.

The 2022 collapse of TerraUSD, an algorithmic stablecoin designed to maintain a $1 peg through automated trading with its sister token LUNA, wiped out tens of billions in market value in a matter of days.

The implosion set off a chain reaction in the cryptocurrency sector, which led to the implosion of several hedge funds and exchanges and contributing to one of the steepest downturns in crypto market history.

Regulators in the US, South Korea, Singapore, and several European countries opened investigations as losses spread across borders. 

Many retail investors in Asia, Europe, and North America saw their life savings vanish.

The SEC later accused Terraform Labs and Kwon of orchestrating a scheme that misled investors about the stability of TerraUSD and the company’s financial health.

With Tuesday’s plea, the long-running legal battle takes a decisive turn, but for many victims, the question remains whether any recovery of losses is possible, or whether Kwon’s guilty admission will serve only as an acknowledgment of one of crypto’s most devastating failures.

## What will happen to LUNA and LUNC?

While the Terra ecosystem has splintered, LUNC — now branded as Terra Luna Classic — runs entirely on community control 

With Terraform Labs out of the picture after its collapse and bankruptcy, the chain survives through on-chain votes and volunteer developers 

Burn campaigns chip away at its enormous supply, but without a unifying strategy or heavyweight backers, its future trajectory remains cloudy.

LUNA, the token born from Terra’s 2022 fork into Terra 2.0, has its own identity crisis. It exists on a functioning proof-of-stake network, yet the leadership that once drove its growth is gone 

Terraform Labs’ demise and Do Kwon’s legal downfall leave it in the hands of scattered contributors, each with ideas but no single vision, a blockchain alive in code, but searching for purpose.

The post BREAKING: Do Kwon pleads guilty of wire fraud — What’s next for LUNA and LUNC? appeared first on Invezz

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