We should consider looking back at the #UST collapse. I watched it go down first hand and have a list of 3 wallets that were buying and immediately selling at a loss perpetually to intentionally run charts down. Would love to have proof of what I witnessed.
A thread 🧵...
A thread 🧵...
The primary contributors came from just 3 wallets:
Wallet 1: terra1yl8l5dzz4jhnzzh6jxq6pdezd2z4qgmgrdt82k (0x8d47f08ebc5554504742f547eb721a43d4947d0a)
Wallet 1: terra1yl8l5dzz4jhnzzh6jxq6pdezd2z4qgmgrdt82k (0x8d47f08ebc5554504742f547eb721a43d4947d0a)
Wallet 2:
terra195wtjmpjxhp336mclqfsyk2plvs8mw3lhsc5nc (0x4b5e60cb1cd6c5e67af5e6cf63229d1614bb781c)
terra195wtjmpjxhp336mclqfsyk2plvs8mw3lhsc5nc (0x4b5e60cb1cd6c5e67af5e6cf63229d1614bb781c)
Wallet 3:
terra1vca36gazapns38mvupa2pfjz0g39ekdgk0wnea (0x41339d9825963515e5705df8d3b0ea98105ebb1c)
terra1vca36gazapns38mvupa2pfjz0g39ekdgk0wnea (0x41339d9825963515e5705df8d3b0ea98105ebb1c)
My primary question is why would anyone buy with limit orders at spot price and then sell immediately to market using a bot meant to do so.
Answer is, they wouldn't unless their only intention was to drop the price.
Would love to see if FTX had affiliation with these wallets.
Answer is, they wouldn't unless their only intention was to drop the price.
Would love to see if FTX had affiliation with these wallets.
I am still seeing throttled sell walls on exchanges as shown below. Clearly this is one wallet simply surpessing the price. To see this look at any exchange and scroll up past the real sell orders to see the fake walls that are being built. 
This was from May 12th 2022 when the charts for #LUNA were crashing. This is not your normal spread of buy and sell. Clearly there was some very serious suppression on the buy orders listed in the millions so that the price could not rebound: 😱
At one point the buy wall even went into the billions to crash price all the way down to zero, which most don't realize it did (shown in next thread). Taken May 9, 2022 around 9:30pm EST.
This was taken May 12 2022 at 9:38pm EST, and shows how the suppression brought #LUNA down to $0 as they literally bought all the available shares down to zero and literally cleared to buy order chart! 😳
Now my main hypothesis on this crash is that it was orchestrated by just a few wallets. A few weeks later on May 27th 2022 Nansen provided some on chain forensics outlining what I witnessed:
@nansen_ai
nansen.ai/research/on-ch…
@nansen_ai
nansen.ai/research/on-ch…
One question still lingers in my mind to this day:
🌎 Who stands most to benifit from crashing #UST stable coin?
🌎 Answer: The US Federal Reserve.
Currently USD has global economic dominance & over the last century has seen little to no competition.
🌎 Who stands most to benifit from crashing #UST stable coin?
🌎 Answer: The US Federal Reserve.
Currently USD has global economic dominance & over the last century has seen little to no competition.
My theory & I hope my community can help here, is that this was orchestrated to rapidly attack the stable coin market as a whole.
The stable coin market poses a major threat to the USD & this event set off a chain reaction that systematically damaged the entire crypto market.
The stable coin market poses a major threat to the USD & this event set off a chain reaction that systematically damaged the entire crypto market.
@ArkhamIntel built a tool that allows you to search, filter & sort anyone's crypto trades and transactions by value, token, time, & counterparty.
Hoping to be able to use this & the help of the community to further the research on the #UST crash.
arkhamintelligence.com
Hoping to be able to use this & the help of the community to further the research on the #UST crash.
arkhamintelligence.com
Prior to @elonmusk taking ownership of @Twitter I hesitated to post this feed in fear of a long-term shadowban.
However, in this new era of informational freedom I feel safe to voice my concerns & opinions safely.
Hope this helps to shed light on the orchestrated $UST crash. ✌️
However, in this new era of informational freedom I feel safe to voice my concerns & opinions safely.
Hope this helps to shed light on the orchestrated $UST crash. ✌️
Where am I going with this thread?
✅️1) Would be great to find some answers regarding the attack.
✅️2) As #FTX & others fall, the surpession tools on #USTC will most likely falter. That's when the #repeg of $USTC will happen.
IMO that's coming sooner than you think.
✅️1) Would be great to find some answers regarding the attack.
✅️2) As #FTX & others fall, the surpession tools on #USTC will most likely falter. That's when the #repeg of $USTC will happen.
IMO that's coming sooner than you think.
✅️ HERE IS A GREAT INFORMATIONAL ON THE RE-PEG OF #USTC:
Terra Classic USTC Re-Peg Proposal
-Tobias Andersen-
medium.com/@ZaradarTR/ter…
#USTC $USTC #LUNC $LUNC #USTC1DOLLAR
Terra Classic USTC Re-Peg Proposal
-Tobias Andersen-
medium.com/@ZaradarTR/ter…
#USTC $USTC #LUNC $LUNC #USTC1DOLLAR
The next series of the thread outlines the timeline of the #USTC attack & the events the contributed to the fall in May 2022.
Ref: github.com/terra-rebels/p…
Ref: github.com/terra-rebels/p…
2021-11-25:
A @Twitter account by the name of @FreddieRaynolds outlined a way to attack the existing model of the #UST with a capital of $1B. 🐳
Ref:
A @Twitter account by the name of @FreddieRaynolds outlined a way to attack the existing model of the #UST with a capital of $1B. 🐳
Ref:
https://twitter.com/FreddieRaynolds/status/1524139694388355072?t=CScO3ckao10bNz0hO4c_pw&s=19
2021-12
Terra aggressively syndicates a deal led by "Jump Crypto, Binance Labs," to invest $1B into the Luna Foundation Guard at a staggered investor unlock of 25%/year. Binance never participated. Previous deals included Tiger Global who also never participated as the deal lead.
Terra aggressively syndicates a deal led by "Jump Crypto, Binance Labs," to invest $1B into the Luna Foundation Guard at a staggered investor unlock of 25%/year. Binance never participated. Previous deals included Tiger Global who also never participated as the deal lead.
2021-12-13
The Anchor Protocol, which had been cashflow-positive for almost all of 2021, becomes cashflow-negative as its deposit popularity outpaces the popularity of its borrowing. To date, it has never regained cashflow positivity.
Ref:
grafana.luigi311.com/d/7j96rRI7z/an…
The Anchor Protocol, which had been cashflow-positive for almost all of 2021, becomes cashflow-negative as its deposit popularity outpaces the popularity of its borrowing. To date, it has never regained cashflow positivity.
Ref:
grafana.luigi311.com/d/7j96rRI7z/an…
2021-12-27
"Recovering TradFi Chad" posts a critique of the Degenbox, Anchor's deteriorating solvency, arguing that Anchor is being run in the ground to artificially inflate LUNA's price & lock liquidity into the Astroport DEX.
Ref:
recoveringtradfichad.substack.com/p/the-great-lu…
"Recovering TradFi Chad" posts a critique of the Degenbox, Anchor's deteriorating solvency, arguing that Anchor is being run in the ground to artificially inflate LUNA's price & lock liquidity into the Astroport DEX.
Ref:
recoveringtradfichad.substack.com/p/the-great-lu…
2022-02-17
@stablekwon injects $450M into the @anchor_protocol to keep Anchor's 20% yield operational.
Ref: forecrypto.net/terra-injects-…
@stablekwon injects $450M into the @anchor_protocol to keep Anchor's 20% yield operational.
Ref: forecrypto.net/terra-injects-…
2022-03
@anchor_protocol's Reserve rapidly deteriorates as deposits accelerate. ParaFi, Arca, & Polychain propose various methods of reducing Anchor's yield. Anchor settles on a 6 month roadmap to reduce the yield to 12%, vs cashflow breakeven of 6%.
Ref:
dirtroads.substack.com/p/-34-anchor-p…
@anchor_protocol's Reserve rapidly deteriorates as deposits accelerate. ParaFi, Arca, & Polychain propose various methods of reducing Anchor's yield. Anchor settles on a 6 month roadmap to reduce the yield to 12%, vs cashflow breakeven of 6%.
Ref:
dirtroads.substack.com/p/-34-anchor-p…
2022-04-13
@LFG_org "Luna Foundation Guard" acquires more BTC to defend the price of TerraUSD $UST #UST
Ref:
news.coincu.com/80549-luna-fou…
@LFG_org "Luna Foundation Guard" acquires more BTC to defend the price of TerraUSD $UST #UST
Ref:
news.coincu.com/80549-luna-fou…
2022-05-01
The Terra idle capital ratio, defined as (Anchor deposits-Anchor loans)/(Terra TVL), which stayed at 10% or less through January 2022, ballooned to 35% of Terra TVL: 35% of total Terra TVL ($12B) is now overnight liquidity doing nothing but farming the Anchor yield.
The Terra idle capital ratio, defined as (Anchor deposits-Anchor loans)/(Terra TVL), which stayed at 10% or less through January 2022, ballooned to 35% of Terra TVL: 35% of total Terra TVL ($12B) is now overnight liquidity doing nothing but farming the Anchor yield.
Ok, that's alot so far.
⏸️ Let's pause for a moment because here is where the real "fun" starts & its about to get intense.
In... Out... In... Out...
⏸️ Let's pause for a moment because here is where the real "fun" starts & its about to get intense.
In... Out... In... Out...
2022-05-06
@LFG_org Luna Foundation Guard acquires more BTC in OTC trading with Genesis Trading & 3AC.
Ref:
news.coincu.com/86477-luna-has…
@LFG_org Luna Foundation Guard acquires more BTC in OTC trading with Genesis Trading & 3AC.
Ref:
news.coincu.com/86477-luna-has…
2022-05-07
Large amounts of #UST withdrawn from @anchor_protocol.
▶️ This is when mystery Wallet # 1 (0x8d47f08ebc5554504742f547eb721a43d4947d0a) I mentioned earlier begin playing.
Wallet #1 had zero prior activity to 07 May, 2022 21:57:24 UTC, moving $84.4M to @CurveFinance!
Large amounts of #UST withdrawn from @anchor_protocol.
▶️ This is when mystery Wallet # 1 (0x8d47f08ebc5554504742f547eb721a43d4947d0a) I mentioned earlier begin playing.
Wallet #1 had zero prior activity to 07 May, 2022 21:57:24 UTC, moving $84.4M to @CurveFinance!
2022-05-07
Mystery Wallet # 2 (0x4b5e60cb1cd6c5e67af5e6cf63229d1614bb781c) began moving $175M $UST through @CelsiusNetwork to @CurveFinance on 07 May, 2022 12:28:35 UTC.
This wallet had no prior activity to 25 Apr, 2022 12:38:18 UTC.
Mystery Wallet # 2 (0x4b5e60cb1cd6c5e67af5e6cf63229d1614bb781c) began moving $175M $UST through @CelsiusNetwork to @CurveFinance on 07 May, 2022 12:28:35 UTC.
This wallet had no prior activity to 25 Apr, 2022 12:38:18 UTC.
2022-05-07
I suggested that Wallet #3 (0x41339d9825963515e5705df8d3b0ea98105ebb1c) was part of the attack. Further research shows this was an innocent whale protecting themselves as Wallet #1 & #2 drained liquidity.
Wallet #3 has been regularly active before & after the depeg.
I suggested that Wallet #3 (0x41339d9825963515e5705df8d3b0ea98105ebb1c) was part of the attack. Further research shows this was an innocent whale protecting themselves as Wallet #1 & #2 drained liquidity.
Wallet #3 has been regularly active before & after the depeg.
2022-05-08
$UST was sold off on UST-3pool with about $285M #UST sold on @binance and @CurveFinance. #3pool almost recovered at the end of the day, which causes another discharge of UST into the markets. This time that resulted in the UST rate skyrocketing to around 65%.
$UST was sold off on UST-3pool with about $285M #UST sold on @binance and @CurveFinance. #3pool almost recovered at the end of the day, which causes another discharge of UST into the markets. This time that resulted in the UST rate skyrocketing to around 65%.
2022-05-09
@LFG_org "Luna Foundation Guard" used #BTC in reserves to help defend the #UST peg by loaning $750M worth of BTC to OTC trading firms, additionally another 750M $UST loan was granted to accumulate BTC as market conditions normalize.
@LFG_org "Luna Foundation Guard" used #BTC in reserves to help defend the #UST peg by loaning $750M worth of BTC to OTC trading firms, additionally another 750M $UST loan was granted to accumulate BTC as market conditions normalize.
2022-05-10
At this point #LUNA 10 billion capitalizations have been wiped out. $9 billion of #TVL was also withdrawn from the Terra ecosystem. #UST has de-pegged from #USDT and $UST briefly drops to $0.74. 📉
At this point #LUNA 10 billion capitalizations have been wiped out. $9 billion of #TVL was also withdrawn from the Terra ecosystem. #UST has de-pegged from #USDT and $UST briefly drops to $0.74. 📉
2022-05-11
#LUNA Death Spiral begins. After throwing all the reserves into the market to pull the price of #UST back to peg, Terra governance accepts sacrificing the price of $LUNA to save its derivative $UST product by changing the mechanism to burn UST and mint more LUNA.
#LUNA Death Spiral begins. After throwing all the reserves into the market to pull the price of #UST back to peg, Terra governance accepts sacrificing the price of $LUNA to save its derivative $UST product by changing the mechanism to burn UST and mint more LUNA.
2022-05-11
BasePool size was increased from 50M to 100M SDR & PoolRecoveryBlock was decreased from 36 to 18 Blocks, in an attempt to increase mint/burn UST/LUNA capacity from $293M to $1200M in order to absorb UST being sold in the market.
BasePool size was increased from 50M to 100M SDR & PoolRecoveryBlock was decreased from 36 to 18 Blocks, in an attempt to increase mint/burn UST/LUNA capacity from $293M to $1200M in order to absorb UST being sold in the market.
2022-05-11
As a consequence the total amount of minted #LUNA went to 1,190,951,936 & price began its decend from $30 towards $0.01. 😱
As a consequence the total amount of minted #LUNA went to 1,190,951,936 & price began its decend from $30 towards $0.01. 😱
2022-05-12
After proposing 1164 to change the mint/burn LUNA/UST parameters, @terra_money governance launched proposal 1188, the idea was that by burning the remaining #UST in the Community Pool and withdrawing all USTs in other ecosystems would reduce pressure on the peg.
After proposing 1164 to change the mint/burn LUNA/UST parameters, @terra_money governance launched proposal 1188, the idea was that by burning the remaining #UST in the Community Pool and withdrawing all USTs in other ecosystems would reduce pressure on the peg.
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