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Sharing the opinion of a source close to the matter and far smarter than me ≠ my own opinion. Here is my (likely more uninformed) take. Everything I know points to signs that there was a real attack on the peg (ie. 'heavy sell pressure') but I don't think it was Citadel. (1/3)https://twitter.com/FatManTerra/status/1529479744990892033 …
Reasons: - Citadel ($40b+) outright denied being involved with UST trading, why severely risk their reputation for $0.5b-$3b? (I don't know exact figures.) - You need a large amount of UST to execute this attack, which is not easy to get inconspicuously or on short notice (2/3)
Conclusions: - Whoever did this was most likely a big fund in the crypto space with at least some existing UST exposure - Do Kwon probably has some leads on who it is since he executed a bunch of OTC UST & LUNA sales throughout the year (3/3)
Is it true ?
@stablekwon !?
I have no idea why people think Do Kwon isn't personally involved in this. It's obvious it required a massive amount of his own coin to pull off. He's the only one with the customer list.
So he bankrupted his own business on purpose?
Cringe There is no evidence of any attack. At all. You are perpetuating a narrative that gives Kwon cover to rob post depeg LUNA buyers. W2g
TFL losing tens of billions in paper profits isn't enough? They literally had multiple cash cows (Anchor, LUNA, Mirror) that they were slowly squeezing from at retail's expense; no point shutting it down this fast
In the very beginning I believed it's not citadel that made this attach. They got into crypto not that ago and they started with market making Bitcoin why chose UST to attach.
It's an easy target. Opportunity to short with enough money due to the way the mechanism is designed. Another advantage of bringing regulation to the defi space.
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