Quote:
Originally Posted by threezero
Word on the street is Citadel (yea the GME entity) cordinated this attack on Terra with OTC BTC loan to Do KWan (Terra founder), preceed to dump UST on the market while shorting BTC knowing Kwan will need to dump his BTC reserve to maintain peg.
Algo stablecoin leaves alot of paper trail on-chain, anyone with the know how and power can in theory figure out each of these player's liquidation point and use it to their advantge, thus they are subjected to these manipulation and malcious attack.
Ironically the stablecoin that operates behind close door much like centralize finance have shown to be relatively immune to attacks like this. Because well who even know if USDT USDC etc is actually peg to what they say it is.
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Anyone else feel like they just lost brain cells reading this?
not attacking you threezero, just have no clue wtf I just read