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This created incredibly thick, near-immovable liquidity near the top of the peg zone (the $0.98 to $1.00 range). In a nutshell, it would allow for someone to cash out billions of UST for MIM at a 1:1 rate without disturbing the peg - all thanks to inorganic demand. (6/13)
Here's the total amount of MIM Do Kwon was able to cash out through the MIM/UST pool - without even moving the peg! $2,719,132,772.01, to do with what he pleases. No need to dump LUNA or sell UST on exchanges - he drummed up liquidity from all of you. (7/13)pic.twitter.com/vRVve3WRsj
UST is the future, he said. Decentralized money is sound money, he said. UST won't depeg, he told you. 'Centralized stablecoins will rug you eventually.' So why did he cash out $2.7b from UST into USDT and USDC? Were all those words just lies? (Spoiler: yes.) (8/13)pic.twitter.com/JQTy5Bfm6z
Here are TFL's outflows. $558m to KuCoin, $1.08b to Binance, $545m to Huobi - you get the gist. Ultimately, all of this money is liquidity being removed from the Terra ecosystem, exacerbating the collapse, bolstering TFL coffers - all while they lied to your face. (9/13)pic.twitter.com/qpMe3NzEph
Maybe things work out in another universe. Maybe with an extra $2.7b in pools, UST wouldn't have depegged 30 days ago. Maybe without the constant lies and misrepresentations, retail wouldn't have lost this much. But in all of this it's hard to see any transparency. (10/13)
Even if we give them the benefit of the doubt and benignly assume the $2.7b went to LFG, what about the $1b and $1.5b raises? The amounts simply don't add up, and instead of leaving people to speculate, we implore for - and demand - proper transparency and accountability. (11/13)
Call to action: - Clarify the purpose of these huge trades. - Publish a PDF breaking down the sources of LFG funds, since they were meant for UST holders. - Publish trade logs and counterparties for the 'peg defence' (you have still provided zero evidence for any of it!) (12/13)
Credit for data, research, and thoughts all go to @fozzydiablo, who spotted this way back in January - sadly, enough people didn't see. https://twitter.com/fozzydiablo/status/1487191909948960776 … View all of the data & evidence here: https://dune.com/fozzydiablo/TFL-Exit-Liquidity … (13/13)
pic.twitter.com/YIVxBZY91v
So that is why they wouldn't ban degenbox from @anchor_protocol
Playing the devil's advocate here. What is the proof that you have that the address in the dune query above belongs to Do Kwon? 0xA046a8660E66d178eE07ec97c585eeb6aa18c26C That was never detailed in either thread
Good question. Lets start talking using blockchain as a reference to facts and figures. So far it looks nice and appealing to wht they want to hear.pple believe anything. Nobody supports criminality but prove it using blockchain trails
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