1/
#USDT depegged today!
What happened?
A thread.🧵
2/
About 12 hours ago, whale"0x3356" created a new address to deposit 52.5M $USDC and borrowed 40M $USDT on #Aave and #Compound.
Then he started depositing 40M $USDT into #Coinbase and #Kraken 6 hours ago.
3/
$USDT started depegging after whale"0x3356" deposited $USDT to exchanges.
And whale"0x3356" withdrew 25M $USDC from #Coinbase 4 hours after depositing $USDT.
etherscan.io/address/0x3356…
4/
And about 5 hours ago, 2 whales sold a total of 9.6M $USDT at a similar time.
6/
Whale"0xd275" started to borrow $USDC from #Aave and #Compound and buy $USDT for arbitrage after CZSamSun shorted $USDT.
$USDT started back to the peg.
7/
But due to multiple FUDs, whales keep dumping $USDT.
$USDT further depegged.
etherscan.io/address/0xd0b0…
etherscan.io/address/0xfbde…
8/
With the reduction of FUDs, arbitrageurs began to buy $USDT for arbitrage, and $USDT is gradually returning to the peg.
9/
Follow @lookonchain and turn on notifications, or join our telegram group to receive alpha information.
t.me/lookonchain
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.