Conspirators or conspirators? – Dust nuclear explosion that hit Terra (LUNA) and its stablecoin UST still far from quiet. assumptions already going well How? ‘Or’ Whatand even who, is responsible for the disaster. let’s try dissectas objectively as possible, the first links of this catastrophe chain.
First, facts : from the night of May 9 to May 10, 2022 stablecoin TerraUSD (STU) project Terra suddenly, suddenly lost its indexation to the US dollar. He even fell as low as $0.30and while it has grown slightly ($0.50 at the time of writing), it has not always not returned to parity with the US currency.
The find is even more dramatic on the token side. MOONwho collapsed from $63 before the start of the disaster on May 9, in less than 5 cents. Past the fear, some miracle How? ‘Or’ What this could happen. Trader and analyst Network Master Twitter provides the first clues (be careful, some of them are pure speculation):
“How to make over $800 million in cryptocurrencies by attacking the former 3rd largest stablecoin, a way [George] Soros. Everyone is talking about the attack on $UST now, including Janet Yellen. But no one talks about how much money the striker made (or how brilliant it was). (…)”
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$800 million in the pockets of the “destroyer” UST and LUNA?
In this Twitter thread, our scalper believes that the attacker took advantage of cash drop programmed (to change the exchange pool). First, the attacker drained especially this liquidity for later resell in bulk his UST on Binance.
Then comes the Double Kiss effect. While the supposed “bad guy” was selling his ESNs, Luna Foundation Guard (LFG) had to sell their bitcoins in an attempt to boost the dollar for their stablecoin. After that, a cascade of various panics can be connected: liquidation credit positions, withdrawal blocking UST crypto exchanges increasing the effect bank run,…
At the end of the development of hypotheses, the analyst believes that the “attacker” could have been committed in $815 million profit from this operation. A carefully thought out plan that truly resembles the time George Soros blew up the Bank of England in 1992.
Rumor has it: “Black Mountain”, “Citadel”, “Gemini”, everything is coming!
While the pieces of how the collapse of UST (and LUNA) are just beginning to piece together (so far very slowly, like a puzzle), speculation about ” who “ even more related to the area rumors in the hallway.
One of those crazy rumors is that it’s, hold on tight, giant buttocks. Blackrock and Citadel who would make this unpleasant coup. This, with the help Twinswho would lend them 100,000 bitcoinsand even 300,000 bitcoins in some versions this rumor!
Except negation fast from Gemini on Twitter – claiming that they never made such loans – former Goldman Sachs trader, Max Boonenexplains that a thing a priori would have little interest for two large institutional funds.
“A) Blackstone is a private equity firm operating under the special mandate of its investors. Buying bitcoin is not part of that mandate, let alone trying to kill Terra. Also, if the deal goes wrong, they will be held accountable; if the trade worked, they would only get paid a little more. (…)
B) (…) The Citadel is more flexible. But 300,000 BTC is $10 billion. Citadel does not have much money, the fund is known to have an efficient balance sheet. They would have to raise funds or mobilize other assets. »
In general, it’s still good too early know if it panic sale mass and dantesque STU was initiated by voluntary manipulations (imaginable), and even more so by no one knows who (pure speculation). Let’s hope that’s not the case for now. effects too serious ricochetslike this was almost the case with the Tether USDT stablecoin. Because he, too, in a panic, briefly lost indexation on the dollar.
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