The Irretrievable Era of Cryptocurrency Gold in 2021: Retracing the Former Glory of SBF and Do Kwon
The year 2021, widely regarded by many cryptocurrency communities as a “golden age,” not only witnessed the market’s frenzied growth but was also filled with dramatic events and notable figures. From the rise and fall of FTX to the high-stakes gambling and collapse of LUNA, the crypto world remains to this day a realm teeming with fervor and the unknown.
The Era of SBF and FTX
In 2021, as one of the world’s largest cryptocurrency exchanges at the time, FTX founder Sam Bankman-Fried (SBF) frequently appeared in various interviews and live streams, sporting FTX t-shirts with his visibly nervous and restless hands.
As the emerging crypto wunderkind, his every move became a hot topic of discussion within the community; however, no one could predict that he would later become the central figure in one of the crypto market’s biggest scandals.
(SBF’s Biography: Top 50 FTX accounts hold $4 billion, was the leak source Caroline?)
Do Kwon’s Wager and Shackles of Imprisonment
Shortly after, Terraform Labs founder Do Kwon and legendary trader GCR (@GiganticRebirth) engaged in a massive bet on Twitter about LUNA’s collapse a year later, wagering millions of dollars.
Sure, fund@cobie’s wallet and I will match
Gluck
— Do Kwon (@stablekwon)March 14, 2022
(Do Kwon’s Ten-Month Escape: The Legendary Do Kwon Caught Later than SBF)
Today, Luna has become a topic mentioned only after the Mid-Autumn Festival, while Do Kwon has traveled the world; perhaps he never imagined that one day he would hear imprisonment advice like “jail is not that bad” from Martin Shkreli, making Kwon and SBF truly experienced.
(SBF’s “Prison Survival Guide”! Inmate’s advice: shave your head, lower your voice, listen to more rap songs)
On the other hand, renowned venture capital firm Galaxy suffered significant losses due to Luna, with founder Mike Novogratz openly facing his past LUNA tattoo, stating he would no longer touch algorithmic stablecoins.
The Twitter of Yesteryear and Bluebirds
In 2021, cryptocurrency was not yet referred to as “Web3,” and Twitter remained just “Twitter,” while 3AC founder Su Zhu had not yet tarnished his reputation due to bankruptcy; American football star Tom Brady still enjoyed a blissful marriage with supermodel wife Gisele Bündchen.
(Musk’s Acquisition of X (Twitter) One-Year Review: How Effective is the Super APP After Reorganization?)
The Past Glories, the Past Ethereum
The blockchain ecosystem at the time was still in its expansion phase, with far fewer L1 and L2 solutions than today, even fewer than actual use cases. However, market sentiment was high, with investors full of expectations for new technologies and great confidence in future developments.
In 2021, the ETH/BTC exchange rate remained a critical indicator of market sectors’ rotation, and everything was vibrant and energetic.
Today, with more applications and cryptocurrencies becoming increasingly mainstream, market sentiment strangely instills fear. This indicator no longer seems to be the market focus, as the season of Solana memes decisively leaves Ethereum and altcoin seasons behind.
(The Lost Ethereum? Investing in the New Paradigm: TRUMP Boosts SOL, Skips ETH, Enters Altcoin Season)
Looking back at 2021, it was a time of abundant opportunities, playful communities, and rules not yet fully established. Whether FTX or LUNA, they symbolize a cryptocurrency golden age that will not be replicated.
These stories and memories have now become part of history, reminding us that with the rapid development of the market, the initial fervor and glory may never return.
Risk Disclaimer
Cryptocurrency investment carries high risks, with prices potentially experiencing drastic fluctuations, and you may lose your entire principal. Please assess the risks carefully.
