I’m sure most of you have heard about what’s been going on in crypto the last few days. If you haven’t already, here’s how it went down: Luna plummeted 100% after its stable coin depegged from $1.
It appears that UST/LUNA was attacked, but how did this happen? Well… maybe if you hadn’t declared to the world how to precisely implode your coin and told billionaires to “try it”, then maybe this wouldn’t have happened LOL.
But here’s the interesting part…
Immediately after LUNA’s downfall, there was a post claiming that Blackrock and Citadel had borrowed 100k BTC and exchanged 25k for UST which dried up most of its liquidity. After that, it’s thought they threw the remaining 75k on the market, causing Luna to implode.
This was a pure profit play if a short was opened at the top. Do Kwon (CEO) (probably) fell for the 25k BTC trade bait and accidentally was responsible for his currency’s fate. Again this is just theory.