Topic: How Terra Luna debacle played out (Read 198 times)

To be honest, I wasn't really interested in LUNA and its ecosystem from the start. Compared to LUNA, I trust TRON more, because it offers speed and security and the makers don't boast as much as the makers of LUNA.

LUNA has been trending because many people lose money from this project unexpectedly and of course this can add to a bear trend since billions of money losses in just a week. Most probably, people will start to hype this project again for a hope that it can rise again, but with its current total supply I believe it will be hard and a big challenge for the team to regain the trust of the public, this is not an easy year for them and I fee sorry to those who loss money from this LUNA and the manipulator, try to bounce back again.

Enough of terra Luna, this particular coin/project has really had the head line story in crypto even if the current bad market situation in crypto-currency has affected everyone negatively i fill terra Luna has been more talked about which lead me to suspect that this is an orchestrated plan, right now there has been many crypto-currency influencers claiming to have bought Luna for a high amount this news has lead many into buy Luna and if they have bought before they are buying more.

I would say that the Terra Luna team failed investors by not being able to foresee such events, every reputable project ought to have bug bounty or something like that to check for weakness in a system so that it can be fixed.

Do Kwon definitely have some explaining to do and I really do hope he didn't collaborate with the attackers.

Cry me a river. I never owned any Luna or anything in their ecosystem, so I am not bothered by it financially aside from the crypto I own to go down because of them.

However, if they built a system that failed and there was a method that would be used to crash it, then it's not really a shock, it would be something normal for it to go down because the market will do anything to make a profit, including crashing a whole ecosystem and make tons of people lose money, just to make some profit. Do Kwon should have built something that is profitable and not have anything that will crash it. He is the responsible person for building something like this, so I do not care about how "upset" he is.

They should also address that, I've read that there will distribution on holders before the attack, but those investors who take the risk of buying when Luna is crashing, does this mean that it's over for them I bought 1000 Luna it's just a small amount I can take my loss but how about those who bought 5 digits dollars I read that there are investors who are tempted to get in the crash and there are many of these people.

I don't think that launching a new token will solve the problem, because to be honest a lot of people don't believe in what he and LUNA are doing anymore.

You probably haven't heard of waves. It was only a rehearsal for the event with Terra.

Waves Stablecoin Crash Sparks Death Spiral Fears
https://bitcoinethereumnews.com/technology/waves-stablecoin-crash-sparks-death-spiral-fears/

"Alameda founder and former CEO Sam Bankman-Fried dismissed Ivanov’s claims as a “bullshit conspiracy theory” without providing further details about the trading firm’s involvement with the incident."

Check out his latest tweet 11 hours ago he seems remorseful about what happened to his project this is the same guy that says there's entertainment watching startups die, well now he knows what's the feeling of seeing his creation crash and die in a matter of days I don't know if Do Kwon believes in karma and irony of things.

https://twitter.com/stablekwon/status/1525238416991891457

I have watched that as well and the nerve from Do is really making the investors now irritating from that perspective of what he has said. He seems to have planned all of it and it had became a game of rich while the poor investors became the pawn and sacrifice.

They have released now a statement from their own forum of giving a new plan and releasing of a new token. We do not know if this is going to solve this debacle and will satisfy those investors that have lost a lot.

I just watched Do Kwon's interview with Botez, during the streaming session he said that 95% of crypto projects will die and this interview was only a few months before this incident. From here I don't believe in anything that Do Kwon does and forever he will be branded as a scammer.

^ Wow.  This is magnitudes bigger than the DAO hack from back in the day.  Some of you guys might think it's just a small amount compared to the billions being played these days but during that time it was huge.  And at a time when turing complete stuff and smart contracts were all still relatively new in the space.

And some insiders and players in the know prolly also knew that the party was over and proceeded to open some shorts of their own.  Pretty sure they made a boat load.

Edit:  Luna Cash?  Luna Classic?  Lmao.

The latest breakdown

- before attack they OTC accumulated $1Bn of UST

- borrowed $3Bn in BTC

- spread around some fud about peg and bank runs

- dumped the fuck out of their $3Bn BTC on market to trigger wider panic

- 10 min after TFL pulled some liquidity from curve in preparation for 4pool, the attackers pounced

- first cleared all liquidity from Curve (needed just 350M UST to do that)

- then started dumping their UST on Binance

- creating a small depeg

- terra market module was configured for $150m daily throughput for peg restoration, would be enough if liquidity on curve was the intended $4Bn instead of $350M

- people in panic because BTC tanking and small UST depeg, so LFG started selling BTC to restore peg

- that's exactly what the attackers wanted because they've shorted BTC..

- TFL dumping BTC, while attackers putting pressure on by dumping UST

- the more BTC sold, the lower BTC tanked increasing panic, the less UST sell pressure the attackers needed

- finally people started panicking for good and mass congestion hit the chain, cexes suspended withdrawals and shit hit the fan, bank run

- Jump/LFG likely realized what's happening somewhere in the middle of their BTC reserve bag, stopped dumping BTC to save the peg, let it burn

- now peg is being restored naturally via the market module

- rumours on CT about big deals made during the night

All of this would not be economically viable if the 4pool was live. Because clearing the 4pool alone would require $3Bn instead of 350M. The timing was not a coincidence.

So, using just $350M they were able to make billions AND almost destroy Luna

Source: https://t.me/TheNorwegianNews/431

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I still believe on Luna despite this massive failure on depegging. High risk high reward.