#稳定币 Seeing the news that Do Kwon has been sentenced to 15 years in prison, my first reaction is a bit heavy. A $40 billion loss, the blood, sweat, and tears lessons of hundreds of thousands of investors—this is not just a simple legal judgment, but a warning bell that the entire industry should remember.

Stablecoins were supposed to be the "safest" choice among crypto assets, but the collapse of UST tells us that any promise of absolute safety, especially high returns, or mechanisms that are particularly innovative, hide risks behind them. The attractive high yields of Anchor, the false operational data of Mirror Protocol, and the overhyped "algorithmic stability" mechanism—these are all typical risk signals.

What I want to share with everyone is: when allocating assets, always ask yourself three questions. First, is this yield reasonable? Second, do I truly understand the underlying mechanism? Third, if everything goes wrong, how much loss can I bear? The choice of stablecoins should be especially cautious; market liquidity, the background of issuing institutions, and risk reserves are all worth deep understanding.

Long-term steady investing relies not on bottom-fishing or chasing highs, but on reverence for risk and honest awareness of one's own capabilities. Behind every major event, someone pays the price for choosing what they shouldn't have. All we can do is learn, be cautious, and slowly move forward within a well-defined framework.