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🔥Interesting story taken from #LUNA chat Blackrock and Citadel borrowed

100k BTC from Gemini (as stated in their credit book).

They exchanged 25 thousand BTC for UST (all done quietly in anticipation of the attack.)

When the time came, they called Do Kwon from the Terra Foundation and said they wanted to sell a lot of BTC for UST. Since it was a big deal, they told him they didn't want to move the market and asked him if he would like to buy their big block of BTC at a discount with UST?

Do Kwan took the bait. He gave them a huge chunk of UST, thereby significantly reducing the liquidity of UST in the liquidity pools.

At this point, Blackrock/Citadel promptly dumped all BTC and UST, causing massive slippage and triggering a cascade of forced sells of both assets.

The real problem was that Blackrock/Citadel knew that Anchor, which holds a lot of LUNA tokens, is a Ponzi scheme (they offer a 20% APY rate) and this crash will trigger more withdrawals than Anchor can pay off. These forced withdrawals and sales will trigger a massive Luna sell-off, breaking the $1 peg and further disrupting the market.

Blackrock and Citadel can now buy back BTC cheaply to pay off the loan and get the difference.

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Jt- Автор вопроса

Sorry . Is it okay to send this ?

Pure conspiracy 👌

Jt
Sorry . Is it okay to send this ?

No idea seems anything goes today

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