Do Kwon's sentence finally confirmed—The Southern District of New York Federal Court sentenced the founder of Terraform Labs to 15 years in prison on Thursday. This sentence is heavier than the 12 years requested by the prosecution and significantly exceeds the 5 years sought by the defense. After all, the scale of the Terra and Luna collapse was significant, and prosecutors played both the "previous misconduct" and "massive fraud" cards.

Market reaction? To be honest, it was quite straightforward. On December 12, Terra ecosystem tokens collectively plummeted: LUNA dropped over 11% in a single day, reducing its market cap to $138 million; LUNC fared even worse, falling more than 14% in 24 hours, with a market cap of only $336 million; USTC declined the most, dropping over 15%, shrinking its market cap to $57 million.

This decline is somewhat understandable—given the founder was sentenced to heavy jail time, investor confidence naturally wavered. However, speaking of which, the Terra ecosystem was already severely damaged after the collapse in 2022, and now, it seems that most holders of these tokens are betting on whether the "Phoenix Plan" can truly be reborn.