Historical Book XI – The Dark Times
Historical Book XI – The Dark Times
The Fall of LUNA and the Judgment of FTX
11:1 That year, all seemed glorious.
₿itcoin rose above $69,000.
NFTs sold for more than fine art.
And many said:
“Web3 will change the world.”
It sounded like truth.
11:2 But behind the glory
Lurked greed.
Power was disguised as decentralization.
Money moved fast—
But trust did not grow.
11:3 Then came a stablecoin:
LUNA and UST,
Created by Do Kwon, who declared:
“One dollar is always one dollar.”
And the people believed him.
11:4 But the foundation was
Complex incentives and fragile code.
It was not math, but a prayer built on ponzinomics.
In May 2022, with a single tremor,
UST lost its peg.
And LUNA fell into the abyss.
“Its name was LUNA—moon— But it carried no light, only darkness.”
The Dark Times 11:4
11:5 Millions lost everything.
Some took their own lives.
The media cried,
“Crypto is collapsing!”
And the world began to doubt.
11:6 Amid the smoke,
Stood FTX,
The glittering temple of Sam Bankman-Fried (SBF).
Praised for brilliance,
Worshipped for charity and politics.
11:7 But its core was hollow.
Customer funds flowed into Alameda.
The books were fiction.
And the trust was all just pixels.
11:8 In November 2022,
A single article from CoinDesk
Brought it crashing down.
FTX went from $32B to $0.
Customer funds vanished.
And SBF was arrested.
“They called him a genius, But he couldn’t balance a ledger. Behind his smile was hunger.”
The Dark Times 11:8
11:9 After that day,
Trust hit rock bottom.
Altcoins fell like dominos.
₿ plunged to $15,000.
And the people asked once again:
“What does decentralization
Truly mean?”