OTC firms were borrowing a lot of LUNA weeks before the depeg. They know who the attacker(s) is, but at the end of the day they did nothing legally wrong. It was the protocol’s pegging mechanism that failed to recover along with panic in the markets. The timing could not have been better for the attacker(s).
Yes, while everyone is picking the pieces from the ground, I was also thinking about the attacker and how Binance played a role in this by keeping it going for days! They knew what was happening.
I’m not sure if it is totally legal. You can ‘hack’ or you can ethically hack. If you suck out billions of dollars through exploit, you are harming thousands of people. You can also do that, to show… and stop, and give the billions back where they belong so that the algo can be fixed.
Correct.
Karma is a Bitch!
let’s all blame CZ for a flawed business model - so the fire fighting sheet on the topics had what as answers?
- what happens if UST depeggs (print more LUNA)
yeah that will do it
They had the capability apparently and didnt act
There wasn’t any attack at all !!! 20% APY was the main culprit in this whole carnage. Professional investors tend to flee the market as soon as there is a concerning news about their investment. The same happened with UST…. The moment Anchor announced variable interest rate instead of fixed 20%, big money started to leave (dumping UST slowly) Change in the interest rate was perceived as a weakness in UST. You can check the UST chart from April last week, it was bleeding daily… $650m was just the final nail in the coffin that de-pegged the UST from $1.
I have a better idea then all this complicated crap. How about: terra Luna or some insvestor buys 1 billion worth now. Keep 100M and burn the other 900. That will pump the price to 50 Cents. Others will jump in and make it worth 1 Dollar again organically. Their 1B initial investment will be worth 10 Billion! They can hold buy one more billion in increments of 100 M make a support on the price so it won’t drop bellow 60cents. The new buyers will hold the price until it’s traded normally around 1 dollar. Investors losing can be compensate with the profits in coins, and they will be encouraged to repurchase the coin at a lower price. New investors will naturally hold, and just like Forex, the pressure will hold the price to float between 90 cents and 1.10 dollars.
Has the City of London Corporation and its dupes found its way to these boards?
Anything and everything to deflect from the fact that:
- It was an attack
- Binance and Gemini allowed KYCed institutions to launch the attack from their platforms, violating their Terms of Service
- Twitter allowed the attacker to violate their Terms of Service to create spam accounts and spread rumors to cause a bank run
Not a “coincidence” that the KYCed attackers were allowed to violate the Terms of Service of major exchanges and Twitter without any repercussions.