Blackrock and Citadel. The culprits.

Messing with #LUNAtics was not a good move.

As soon as Blackrock invested into Circle (USDC issuer), $UST became a competitor.

Here is what happened over the past few days (supposedly).

๐Ÿงต๐Ÿ‘‡

1. Borrowed 100k #Bitcoin

2. OTC deal to sell 25k $BTC to Terra to buy $UST.

3. Sold the remaining 75k $BTC and shorted $LUNA.

4. Dumped some $UST on Curve while liquidity moved from 3pool to 4pool causing de-peg.
5. Contiuously dumped the rest of the $UST on Binance causing a further depegging.

6. FUD spread through-out twitter/reddit (including bot spam).
7. Continued de-peg undermined confidence in $UST causing a bank-run on Anchor, causing $UST to further de-peg.

8. Transaction spam with high-gas requests causing network congestions on Terra.
9. With congestion, borrowers were left unable to repay Anchor loans causing mass liquidations.

10. The liquidation mechanism used in Anchor was emptied causing liquidations to occur at extremely high premiums (Community was unable to make bids for collateral due to congestion).
11. This resulted in 100% of the collateral being liquidated and in some cases loans being underwater.

12. Continued exodus out of Anchor and $UST causing a significant contraction in the Terra economy (-20% of $UST has been burned thus far).
This will definitely go down in history.

It's significant. It's important.
Note. I said SUPPOSEDLY.

Just what the people are saying. Will have to see more info. But it makes sense. $UST is a competitor to blackrock.

There was a shit tonne of money to be made from this, and hedge funds will do anything to increase their wealth.

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Recently, the @CNIL issued a decision regarding the GDPR compliance of an unknown French adtech company named "Vectaury". It may seem like small fry, but the decision has potential wide-ranging impacts for Google, the IAB framework, and today's adtech. It's thread time! ๐Ÿ‘‡

It's all in French, but if you're up for it you can read:
โ€ข Their blog post (lacks the most interesting details):
https://t.co/PHkDcOT1hy
โ€ข Their high-level legal decision: https://t.co/hwpiEvjodt
โ€ข The full notification: https://t.co/QQB7rfynha

I've read it so you needn't!

Vectaury was collecting geolocation data in order to create profiles (eg. people who often go to this or that type of shop) so as to power ad targeting. They operate through embedded SDKs and ad bidding, making them invisible to users.

The @CNIL notes that profiling based off of geolocation presents particular risks since it reveals people's movements and habits. As risky, the processing requires consent โ€” this will be the heart of their assessment.

Interesting point: they justify the decision in part because of how many people COULD be targeted in this way (rather than how many have โ€” though they note that too). Because it's on a phone, and many have phones, it is considered large-scale processing no matter what.