-In the early morning of May 8, to prepare for the 4Crv Pool, Luna Foundation Guard (LFG), a Singapore-based non-profit that maintains the Terra network, removed $150 million worth of UST from the UST-3Crv Pool. At this time, the TVL of the pool was around $700 million. In other words, it cost only about $300 million to drain this pool.
– To keep the balance of liquidity in the UST-3Crv Pool, LFG removed another $100 million worth of UST from the pool.
– On the evening of May 8, WhaleTrades, a whale alert account on Twitter, began to “ring alarm bells” frantically: there was a tweet of selling millions of dollars’ worth of UST every hour.
– On the morning of May 10, Jump Trading and LFG may have sensed the problem and stopped selling their Bitcoin holdings to provide support for UST’s peg, letting things drift. As a result, UST plummeted all the way to $0.6.
– On May 11, UST seemed to be shorted by Soros-style short sellers, a ..
Support the originator by clicking the read the rest link below.
