FatMan

4. A stabilizing destabilizing BTC reserve Do made the non-malicious but gravely incompetent move to pull out 3 billion dollars from the LUNA/UST machine into hard money all at once. This reduced liquidity and likely exacerbated the domino effect when everything toppled down.

5b. While Do was telling the public to hold on, he plowed bitcoins into UST exit liquidity allowing whales with large tranches of UST to escape the market at high prices (>$0.75). Retail is now only able to get 8 cents on the dollar and his tweets misled during the crisis.

6. Post-crisis lack of responsibility On Agora, Do proposed that everyone should pack up and move to a new chain while airdropping tokens to old holders in the form of restitution. He did not suggest refunds of his own volition nor did he commit a dollar of his own money.

7a. LFG lack of transparency LFG's communications were very slow, and they raised more questions than they answered. $2.7b+ disappeared into defending LUNA/UST. In a zero sum game this money had to go somewhere. Which VCs benefited from these trades, and were they TFL adjacent?

Was Do acting maliciously? Yes and no. I don't believe Do knew any of this would happen so fast, but he knew it would happen eventually. I believe this collapse was indeed orchestrated by an outside attacker. But now the chickens have come home to roost.

Now that TFL has enriched themselves with hundreds of millions at the expense of LUNA/UST holders via the big 'stablecoin' promise, I believe there lies with them some level of responsibility to make people whole, especially laypeople with a worse understanding of the mechanism.

The rumours of manipulating retail so that big funds and potentially TFL themselves could exit the UST machine at higher prices before the complete collapse make me uneasy. I don't know how much truth there is in these claims but I suspect we will find out in the next few days.