some old memories Before the furious bull begins, let's reminisce about the good memories of the last cycle Follow the order of blasting Let's dive in Thread🧵

Kwon Do-hyung (Do Kwon), born in 1991, is a South Korean national who co-founded Terraform Labs with Daniel Shin in 2018, launching the algorithmic stablecoin UST and its accompanying token LUNA. UST once reached a market cap of $18 billion, and LUNA briefly ranked among the top ten public chain tokens. Fundamental flaw: UST is maintained through LUNA swaps + Anchor's 20% high interest, lacking hard collateral; when a withdrawal rush occurs, LUNA can only be infinitely minted, making the model inherently fragile. Explosion window 2022-05-07 to 12: 1.9 billion UST was redeemed → UST fell below $1 → within 72 hours, LUNA supply skyrocketed from 3.4 million to 6.5 trillion, the chain halted twice, and approximately $60 billion in market cap vanished.

Alex Mashinsky – Co-founder and former CEO of Celsius Network Iconic T-shirt: Mashinsky repeatedly wore this black T-shirt in public such as the 2021 Web Summit, featuring the Celsius logo and the phrase "Banks are not your friends," mocking the traditional banking system. High-profile "alternative bank" announcement: He described Celsius as a "decentralized savings bank", promising up to 18% annualized returns, and used this slogan to attract fans. The ending was tragic: after the Terra/Luna collapse in 2022, Celsius' asset hole was punctured, and withdrawals were frozen in June, and bankruptcy filed in July. More than $4.7 billion in customer funds are locked. Mashinsky was charged with seven counts of fraud, pleaded guilty in May 2025 and was sentenced to 12 years in prison + forfeiture of $48 million.

Founded in 2012 by former Credit Suisse traders Zhu Su and Kyle Davies, Three Arrows Capital managed more than $18 billion at the peak of the bull market, supporting high-profile asset allocations such as yachts and Singaporean luxury homes. The main cause and timing of the explosion: heavy positions in LUNA/UST and GBTC disclosed discounted arbitrage and highly leveraged derivatives, and the Terra ecosystem collapsed in May. Unable to make a margin call from June 16, it was ordered to be liquidated by the BVI court on June 27, and filed for Chapter 15 bankruptcy on July 1, marking the official fall. Accompanying family office impact: Many family offices in Asia and the Middle East have followed 3AC to enter the market, such as leading Avalanche's $230 million private placement round in 2021, which led the "family office + angel" order; With the liquidation of 3AC assets, such family offices were forced to significantly reduce their investments, triggering due diligence upgrades in crypto funds by Singapore's MAS and global wealthy family offices.

Let's look forward to seeing which superstars will appear in this round What other superstars have fallen show just begin