Master in crypto

What caused the depeg of $UST on May 7 2022 which ultimately brought down crypto to Bitcoin $16k through contagion? Here are the >$1m transactions that day on chain. See panel below. Narration: Curve defi 3pool liquidity pool had a scheduled rebalance of $150m $UST that day. This event may have been leaked.👀 Yes, many have reviewed this and concluded the transfer of $150m $UST by Terra created instability in the algorithmic peg on @CurveFinance curve.fi 3pool's liquidity pool. But this alone was not the cause. The cause was a series of transactions that were intentionally used to exploit a weakness in the algorithmic stablecoins ability to be repegged. Narration: Directly after the reblance, the algorithm was attacked by two wallets. Previously unnamed. As Terra tried to repeg $UST, the attackers continued the attack. As you can see on chain these transactions were executed by @CelsiusNetwork and @AlamedaResearch wallets, timed directly during and after the period that Curve was rebalancing their 3pool. They knew to execute large transfers of $UST at this time to test the algorithm. The test failed. $UST depegged. $LUNA hyperinflated. Bitcoin was sold at market to save both. Crypto crashed. How did they know to attack at this time? 👀 Now to be clear, this was still an exploited weakness in the $UST algorithmic mechanism, and was destined to be challenged eventually until found and fixed, but the blame on the crypto crash to $16k BTC needs to be fact based. These are facts. With new tools we have access to deeper on-chain data and evidence is becoming much clearer by the day. And yes, many outlets have reported similar findings. Q:Will this come up in the @Mashinsky trial? bnnbloomberg.ca/terra-stableco… justice.gov/usao-sdny/pr/c…

What caused the depeg of $UST on May 7 2022 which ultimately brought down crypto to Bitcoin $16k through contagion? Here are the >$1m transactions that day on chain. See panel below. Narration: Curve defi 3pool liquidity pool had a scheduled rebalance of $150m $UST that day. This event may have been leaked.👀 Yes, many have reviewed this and concluded the transfer of $150m $UST by Terra created instability in the algorithmic peg on @CurveFinance curve.fi 3pool's liquidity pool. But this alone was not the cause. The cause was a series of transactions that were intentionally used to exploit a weakness in the algorithmic stablecoins ability to be repegged. Narration: Directly after the reblance, the algorithm was attacked by two wallets. Previously unnamed. As Terra tried to repeg $UST, the attackers continued the attack. As you can see on chain these transactions were executed by @CelsiusNetwork and @AlamedaResearch wallets, timed directly during and after the period that Curve was rebalancing their 3pool. They knew to execute large transfers of $UST at this time to test the algorithm. The test failed. $UST depegged. $LUNA hyperinflated. Bitcoin was sold at market to save both. Crypto crashed. How did they know to attack at this time? 👀 Now to be clear, this was still an exploited weakness in the $UST algorithmic mechanism, and was destined to be challenged eventually until found and fixed, but the blame on the crypto crash to $16k BTC needs to be fact based. These are facts. With new tools we have access to deeper on-chain data and evidence is becoming much clearer by the day. And yes, many outlets have reported similar findings. Q:Will this come up in the @Mashinsky trial? bnnbloomberg.ca/terra-stableco… justice.gov/usao-sdny/pr/c…