The collapse of LUNA has revealed a cruel truth: many people who are highly regarded online actually lack strong intelligence and judgment.

It's ironic to think—those with substantial wealth, top-tier venture capital firms, and large funds have all been proven wrong. These players, who should be the best at risk recognition, ultimately got caught in the crossfire.

I previously discussed the logic behind LUNA's collapse with industry friends, and the conclusion was straightforward: this scam didn't involve any technical complexity. The problem is that even the smartest money can be hijacked by greed, and information asymmetry and herd mentality are enough to destroy rational decision-making. Essentially, this incident exposes that in the entire ecosystem, even the biggest titles can fail in the face of a black swan.