^^ Well if this is true then probably this is well planned by Do Kwon on whoever is behind Terra and it's stable coin.
They have a history already and it seems that they have a blue print so they just follow it to the T and make a perfect cover up in the beginning, let everyone know that they are going to pump BTC, giving false hope and now it is crumbling bring down bitcoin with them.
Topic: Terra cofounder Do Kwon is the one who is pumping Bitcoin - page 6. (Read 2455 times)
Much fud, speculations and other news being shared in social media and other information being published in bitcoin news media. The news is Do Kwon was behind another stablecoin project that failed according to Coindesk. There are some members of the Luna community who are beginning to speculate that this is another rugpull.
Do Kwon, the CEO of Terra creator Terraform Labs, was one of the pseudonymous co-founders behind the failed algorithmic stablecoin Basis Cash, CoinDesk has learned.
Basis Cash (BAC) was a closely watched revival in decentralized finance (DeFi) circles when it launched on Ethereum in late 2020, just before the launch of terraUSD (UST), Terra’s flagship stablecoin. Like UST, BAC sought to maintain a $1 peg through code, not collateral.
But it failed: The token of this long-abandoned project never achieved its target of dollar parity, sank below $1 in early 2021 and was trading well below 1 cent on Wednesday.
Source https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/
There are also some groups mentioned that this attack on UST was by Alameda Research, Citadel, 3 Arrows Capital and Justin Sun was also mentioned.
Do Kwon, the CEO of Terra creator Terraform Labs, was one of the pseudonymous co-founders behind the failed algorithmic stablecoin Basis Cash, CoinDesk has learned.
Basis Cash (BAC) was a closely watched revival in decentralized finance (DeFi) circles when it launched on Ethereum in late 2020, just before the launch of terraUSD (UST), Terra’s flagship stablecoin. Like UST, BAC sought to maintain a $1 peg through code, not collateral.
But it failed: The token of this long-abandoned project never achieved its target of dollar parity, sank below $1 in early 2021 and was trading well below 1 cent on Wednesday.
Source https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/
There are also some groups mentioned that this attack on UST was by Alameda Research, Citadel, 3 Arrows Capital and Justin Sun was also mentioned.
I mean they had a bit of a fall but they "basically" recovered from there haven't they? But, they are still not at 1 dollar, they are at above 90 cents which is a big achievement if we are considering how they were under 70 cents just today.
This should be an example of how to make money basically, just because many people lost hope and considered this a dead project and how it was gone, the owners took it higher again and if you did buy a lot, you would have profited a lot as well. I understand the logic of not being too much trusty with everyone in the crypto world considering how they constantly scam each other, but this wasn't one of them.
This should be an example of how to make money basically, just because many people lost hope and considered this a dead project and how it was gone, the owners took it higher again and if you did buy a lot, you would have profited a lot as well. I understand the logic of not being too much trusty with everyone in the crypto world considering how they constantly scam each other, but this wasn't one of them.
Another shower thought. Can this be considered what they call a "Black Swan" event? Or were there enough amount of people who saw this Ponzi to crash like this because they knew how it actually worked? I admit that I was wrong for having the opinion that HODLing Bitcoin in Terra's reserves would a benefit for Terra. What it actually did was be a dis-benefit for Bitcoin because they are required to sell to maintain the peg.
The price continues to decline LUNA on binance is already trading at less than $5, while UST has fallen to $0.27 and continues to decline, theblock reports that LFG is looking for investors to raise more than $ 1 billion for support, but it seems to me this amount will not be enough.
I'm curious about what happened to Terra to drop more than 90% this week, and for Terra USD why 1 Terra is only 50 cents? Is there a big negative news that happens with Terra? Or will they migrate to another network?
@Wind_FURY. Agreed. Do Kwon and Terra's decision to use bitcoin as the reserve gave the exploiting whales a reason to attack UST's peg. It is presently speculated that there was a whale that has shorted an amount of $4 billion at $42k and also has bought $1 billion in UST before beginning his attack.
The attacker began selling some UST in Binance that started it to depeg to $0.97 and Do Kwon reacted by selling bitcoin to defend the peg. It started a rumor and the whale used all his UST to cause the panic where it caused UST to depeg to a low of $0.65. Do Kwon was forced to dump more bitcoin to defend the peg.
The attacker began selling some UST in Binance that started it to depeg to $0.97 and Do Kwon reacted by selling bitcoin to defend the peg. It started a rumor and the whale used all his UST to cause the panic where it caused UST to depeg to a low of $0.65. Do Kwon was forced to dump more bitcoin to defend the peg.
@Daltonik. Is it a loan or have they dumped $750m of bitcoin to maintain the peg of 1 UST = 1 USD? Also, would that be enough? UST is presently $0.20 below the peg. It appears that Do Kwon will need to dump more.
https://coinmarketcap.com/currencies/terrausd/
It also appears that if Do Kwon can save UST and return the peg back to $1.00, will the cryptospace community still consider it a trustworthy stablecoin to hold?
https://coinmarketcap.com/currencies/terrausd/
It also appears that if Do Kwon can save UST and return the peg back to $1.00, will the cryptospace community still consider it a trustworthy stablecoin to hold?
Shower thought. Why didn't Do Kwon keep their reserves in the U.S. Dollar to maintain the peg? Use Bitcoin in their reserves they bought last month, to sell them less than the buying price to defend the peg this month doesn't make logical sense. They should keep their reserves in cash.
@Daltonik. Is it a loan or have they dumped $750m of bitcoin to maintain the peg of 1 UST = 1 USD? Also, would that be enough? UST is presently $0.20 below the peg. It appears that Do Kwon will need to dump more.
https://coinmarketcap.com/currencies/terrausd/
It also appears that if Do Kwon can save UST and return the peg back to $1.00, will the cryptospace community still consider it a trustworthy stablecoin to hold?
https://coinmarketcap.com/currencies/terrausd/
It also appears that if Do Kwon can save UST and return the peg back to $1.00, will the cryptospace community still consider it a trustworthy stablecoin to hold?
LFG voted for the allocation of a loan to OTC traders in the amount of $1.5 billion (0.75B in BTC, 0.75B in UST) to ensure the binding of the TerraUSD (UST) stablecoin to the dollar in conditions of market volatility in more detail on their Twitter. https://twitter.com/LFG_org/status/1523512196965167104
Maybe that's why with their bitcoin wallet https://bitinfocharts.com/bitcoin/address/bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q all 42,530 BTC were moved to the following two addresses: 30,000 BTC to the Okex exchange wallet https://bitinfocharts.com/bitcoin/block/735653/1NYAd6fA2dc5xowuweFUSDRqRTEzDwk28 and 12,530 BTC to the address https://bitinfocharts.com/bitcoin/address/bc1qslcc7cjghgg7dkyzjaj3jn6l9z6wr0rj9zpwhd7prhc8z2hraafstvq6jn
Maybe that's why with their bitcoin wallet https://bitinfocharts.com/bitcoin/address/bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q all 42,530 BTC were moved to the following two addresses: 30,000 BTC to the Okex exchange wallet https://bitinfocharts.com/bitcoin/block/735653/1NYAd6fA2dc5xowuweFUSDRqRTEzDwk28 and 12,530 BTC to the address https://bitinfocharts.com/bitcoin/address/bc1qslcc7cjghgg7dkyzjaj3jn6l9z6wr0rj9zpwhd7prhc8z2hraafstvq6jn
There are rumors that Do Kwon and the supporters of Terra's stablecoin UST might be in danger of depegging. There are also some who are speculating that those supporters, I assume Jump Crypto, 3 Arrows Capital and Defiance Capital are selling Bitcoin and Ethereum to support the peg of UST.
I have not yet made any of the research, however, I saw this tweet. I will share more updates tomorrow.
Algostable $UST about -0.34% off peg with some rather large curve swaps starting to unbalance the pool. Be careful out there.
$UST forced itself into the majority of DeFi and crypto, so if it depegs >2% then the entire space is going to take a massive hit.
Source https://mobile.twitter.com/7ommyzero/status/1523032846339764224?s=12
I have not yet made any of the research, however, I saw this tweet. I will share more updates tomorrow.
Algostable $UST about -0.34% off peg with some rather large curve swaps starting to unbalance the pool. Be careful out there.
$UST forced itself into the majority of DeFi and crypto, so if it depegs >2% then the entire space is going to take a massive hit.
Source https://mobile.twitter.com/7ommyzero/status/1523032846339764224?s=12
@Sir Legend. We should begin to become more skeptical about Do Kwon and the purpose of his $10 billion bitcoin buy announcement, I reckon. Was it to hype bitcoin? This did not work. Was it to hype Terra? That did not work also. Will Terra hold $10 billion in bitcoin in their treasury? Where will this $10 billion come from? By printing UST? However, Terra will only print UST if there is demand in Terra's Luna token.
It appears being a contrarian where the market is bearish, I want to be bullish has made me become less skeptical and more of a hypeman.
It appears being a contrarian where the market is bearish, I want to be bullish has made me become less skeptical and more of a hypeman.
I think the thing that makes him continue to buy bitcoin is because of the huge potential of bitcoin to be profitable, sometimes investors don't care whether what he buys is pumping or not, he just focuses on buying because he believes he will get a big profit after buying, if there is pumping of course this is another effect.
For some time period it is the Terra Co-founder. Further more and more speculative means gets added. For now nothing has been happening around to connect the market. Now the rumours of MicroStrategy selling bitcoin is termed the reason for the bear move. However this is a minor dip and it isn't bearish. Even at the price of $38500 bitcoin is predicted to stay bullish. For now the strict monetary policy have negatively impacted speculative assets. This includes cryptocurrencies, stocks and commodity futures.
I haven't heard that MicroStrategy is selling at this point, maybe this is just a rumor that causes the market to shrink again, to $38k.
Anyhow, there could be a lot of players in the market having their own agenda, like Do Kwon or Michael Saylor that can change the price because of their huge holdings. And usually we are affected by this movement. But we have enough experience though to just go with the flow right now and hold, and there is no reason to sell in this bear market.
Not most influencers are bitcoin-friendly, but part of them see the prospect for bitcoin as a potential transformation. There are advocates of need, necessary support like Kwon, there are real value advocates like Saylor… there are also potential supporters of speculative profit like Elon… that is the potential for diversity that bitcoin demand brings. Making money is one, but the real need in the future is the real belief that bitcoin can move forward.
Actually many influencers are active and pumping bitcoin, of course anyone is free to pumping or buy bitcoin because bitcoin is available on the market and free, and I'm sure there are still many silent whales that pumping bitcoin so that the market keeps moving positively to reach prices like today.
For some time period it is the Terra Co-founder. Further more and more speculative means gets added. For now nothing has been happening around to connect the market. Now the rumours of MicroStrategy selling bitcoin is termed the reason for the bear move. However this is a minor dip and it isn't bearish. Even at the price of $38500 bitcoin is predicted to stay bullish. For now the strict monetary policy have negatively impacted speculative assets. This includes cryptocurrencies, stocks and commodity futures.
Unconfirmed. And who is that guy? Just another clout chasing account who just wants some engagement to increase his follower count.
https://news.bitcoin.com/microstrategy-ceo-dispels-rumor-of-company-quietly-selling-bitcoin/
The market is bigger then any whales, at least they better hope this is true because they are in trouble if large buyers are the most important part of the price. These buyers are speculators like many others, Im not that bullish on Saylor or anyone unless they put the BTC into usage. The casinos are more of a positive then just a plain fund that buys and then does not actually use the BTC to transact, this isnt expanding the economy for crypto its just sitting on the sidelines hoping it pays off. I would rather buy only when people hoping to do nothing yet profit have given up.
Market is certainly bigger than whales, but whales could manipulate the market with their money. Maybe tesla buying 1.5 billion dollars worth of bitcoin back in the day didn't change the price, but the "news" of them buying that much certainly did.So, the point here is that the price may not be impacted by the whales, but the news of whales could impact the price. When you think about it like that, it's definitely a bit of a problem and I do not know what to think about these whales. I mean one day I love them because they take the prices high, one day I hate them because they bring it down, you can't just take one but not the other, so it's a difficult decision.
Where you at Do Kwon? They were promoting the buys fast and furiously when the price was rising... Now that his purchases are in the red it seems like there isn't a whole lot of praise Do Kwon going on...
I originally heard he was planning to buy 10 billion dollars worth of BTC to back his coin. Then I was hearing 3 billion, and now I'm hearing that it might be done at less than 2 billion? Anyone have the latest facts or know where we can find this information straight from the horse's mouth? It felt more like a pump and dump than him buying a ton of bitcoins on an ongoing basis. Does anyone track his personal holdings? Was he selling while his company was buying? Feels like the way it was overpromoted and he underdelivered, something doesn't quite sit right. Maybe he's just taking a break from his purchases so he doesn't buy the market up to $55K and lose half his investment in the following month.
I originally heard he was planning to buy 10 billion dollars worth of BTC to back his coin. Then I was hearing 3 billion, and now I'm hearing that it might be done at less than 2 billion? Anyone have the latest facts or know where we can find this information straight from the horse's mouth? It felt more like a pump and dump than him buying a ton of bitcoins on an ongoing basis. Does anyone track his personal holdings? Was he selling while his company was buying? Feels like the way it was overpromoted and he underdelivered, something doesn't quite sit right. Maybe he's just taking a break from his purchases so he doesn't buy the market up to $55K and lose half his investment in the following month.
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