Wallet That Helped Trigger UST Implosion Linked by Analysis Firm to Terra Developer

schizo

schizo

The popular decentralized stablecoin lost its dollar peg and fell to pennies in May. A South Korean blockchain analysis firm suggests the death spiral was sparked by transactions from a wallet linked to the lead Terra developer – though any motivation or rationale remains a mystery.


https://www.coindesk.com/tech/2022/...n-linked-by-analysis-firm-to-terra-developer/


Who is behind 'Wallet A?'

Uppsala Security conducted an analysis of Terra wallets and flagged the Ethereum wallet “0x8d47f08ebc5554504742f547eb721a43d4947d0a” (referred to as "Wallet A") as one of the main addresses whose actions helped pushed prices of UST off of its intended $1 peg.

Blockchain data shows Wallet A swapped over 85 million UST for another dollar-linked stablecoin, USDC, on May 7 – just minutes after Terraform removed over 150 million UST from a liquidity pool on the lending platform Curve in a planned move.

Prices of UST fell under $1 almost immediately following these trades, which Uppsala said was a result of the lower liquidity on the Curve pool. Meanwhile, Wallet A’s newly-acquired USDC was sent to Coinbase, one of the biggest crypto exchanges by trading volume.
 
Crypto proponents loved to tout how the decentralized crypto nature protected the anonymity of the buyers/sellers. But once the sh*t hits the fan, everyone starts trying to hunt down supposed culprits "stealing" the money. Chants of less regulation turns to more regulation once it hits your bottom line.

LOL, love the dogecoin dude who's suing Musk now for billions of dollars cuz he hyped up the coin. F*cking hypocrite. It's because of Musk that Doge went as high as it did. Love him when it pops but blame him when it drops.
 
That article is kinda short and not really sure about the merits.

In any case, bear markets are USUALLY shorter, so enjoy the ride while you can.
 
Anonymous issues threat to crypto boss behind $40,000,000,000 Terra collapse
https://metro.co.uk/2022/06/29/anon...pto-boss-behind-40-billion-collapse-16910127/

The hacktivist group Anonymous has a new target as it issued a threat to bring to justice the crypto boss behind the collapse of the Terra cryptocurrency.

In a video posted this week to the group’s official YouTube channel, Anonymous accused Do Kwon, the co-founder of Terraform Labs, of scamming investors who had bought the platform’s Terra (Luna) and TerraUSD (UST) tokens.

‘The actions of Do Kwon, the founder of the Terra Luna ecosystem, is single-handedly responsible for scamming billions of dollars away from retail investors,’ the video stated.

‘Do Kwon made a name for himself with his arrogant tactics, trolling competitors, critics and acting like he would never fail … However, he was quickly knocked down by the markets. The louder they are, the harder they tend to fall,’

The hacker group vowed to make sure Do Kwon was brought to justice for his ‘trail of destruction’.


‘There is no doubt that there are many more crimes to be discovered in your trail of destruction,’ said the hacktivist group.

In May, Terra Luna, which was among the top 10 most valuable cryptocurrencies had 98% of its value wiped out overnight, falling to below one dollar per coin.

Following the crash, more than 1,600 investors are pursuing a class-action lawsuit against Do Kwon who has previously denied these allegations.

Terra’s Reddit page had a suicide hotline pinned to it after the cryptocurrency crashed as users shared their devastating losses.

One member wrote: ‘I lost all my life savings. Had bought Luna at $85, not sure what to do.’

Another said they’d lost $15,000 (£12,3000) after failing to sell their holdings when Terra Luna was trading above $100 last month.

They wrote: ‘I should’ve cashed out when it was $100, then I would have been up $25,000.

‘But I got greedy hoping to get more money so I can at least afford a downpayment for a house for my family. I guess no house and savings then.’

Another member of the r/terraluna subreddit wrote: ‘I lost over $450,000, I cannot pay the bank. I will lose my home soon. I’ll become homeless.’
 
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