In 2022, Binance launched the UST stablecoin wealth management product, offering a 20% annualized return. At the time, I also had over one million deposited. When Binance launched UST, LUNA reached an all-time high, perhaps over 100 LU per coin. Shortly thereafter, UST began to plummet from $1 to zero! A chain reaction erupted, and all leveraged products collapsed, ushering in a brutal bear market! Recently, Binance launched the USDE stablecoin wealth management product, offering a 12% annualized return. Less than a month later, it too plummeted, reaching a low of 0.66 last night. All leveraged products also plummeted. Could this be a coincidence? Many long leveraged products collapsed during this wave, and altcoins plummeted by 90%. The market was rife with speculation. Everyone lost money, but who actually made money? Let's take a closer look!