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But, more importantly, he didn't mention the Jump bailout, which was the most critical factor in defending the peg. UST savers were further led to believe in the 'self-correction' narrative despite the back room deal, further reinforcing their belief in the peg mechanism. (8/12)
Fast forward to May 2022. The depeg happens, and it's a perfect storm for retail investors to lose everything. Large funds get out quickly thanks to their advanced liquidity monitoring systems - some even knew about the bailout. The average normie believes Do's tweets... (9/12)
...But even the crypto-savvy retail investor has been fraudulently instilled with false confidence in the peg. They believe this has happened before, and the market self-corrected. What if they sell at $0.80 and it repegs like last time? It's better to hold, right? (10/12)
But it's too late. LUNA & UST enter the death spiral. Do asks funds, including Jump, for another bailout - he almost gets one - but LUNA starts falling far too fast, and VCs quickly pull offers knowing that there's no point saving the peg anymore. A grand collapse ensues. (11/12)
This cocktail of narrative manipulation, hidden deals, exuding false confidence on Twitter, two years of heavy marketing & false promises, and protocol-level fraud created the perfect exit liquidity mechanism to harm retail the most, ultimately leaving them with the bag. (12/12)
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As UST depegged from $1 to $0.01, retail investors held the bag - 60.4% of them held it until the bitter end, and the rest suffered an average loss of 70%. But - why? Where did the confidence come from? Let's better understand the truth behind the first depeg - in May 2021.