Once a well-known project founder who was highly boastful and flamboyant on social media ultimately bowed his head. The court ruling on December 11th brought an end to this long-standing story—sentencing him to 15 years in prison for fraud.

To outsiders, this is just another piece of financial news; but for the direct victims of this disaster, the delayed verdict awakens the despairing memory of $40 billion in wealth evaporating in an instant. That money was supposed to be for retirement plans, down payments on houses, and children’s education funds, but it was wiped out in a "financial magic trick," leaving behind countless broken families and shattered dreams.

Instead of discussing complex K-line charts, we should see through the true nature of this scam.

**A seemingly perfect financial illusion**

The story begins with a highly enticing concept. The project team designed two roles: one is UST, promoted as a "super stablecoin that always equals 1 dollar"; the other is Luna, claimed to absorb UST fluctuations and maintain stability as a "safety cushion."

The entire logic sounds flawless—when UST falls, print Luna to support it; when UST rises, burn Luna to balance. This self-regulating design was hyped to the heavens within the community. But essentially, it’s like someone trying to lift themselves by pulling their own hair—an impossible feat.

Where is the real killer move? The Anchor protocol. On the surface, it’s just a lending platform, but in reality, it promises an almost impossible annualized return. When the project team used these astronomical returns to attract funds, no one asked the most critical question—where does this money come from?