Evidence that Do Kwon ust printing led to collapse of ust/luna

this is the ust printer address Terra Finder
you can see the transactions in april where it was furiously swapping luna to ust >100m ust per day, accounting for almost all the daily luna burn.

750m ust send to lfg
https://finder.terra.money/mainnet/tx/C77F5BAC4E6B4D8D204C8A3A9CEB5A32106828F91207DBAB5CA0A1FFDDD230A1

750m ust transfer out
https://finder.terra.money/mainnet/tx/22E16C956F5E75D1DF70DD97F45BDA13FC078D79DD2094475107457096B5A274
https://finder.terra.money/mainnet/tx/BA616412CCDE82EDB1E50DCDA2DDFD07D4C9EF4810FF7A89694C5E786CAE5B9E
https://finder.terra.money/mainnet/tx/F6C9B143728338344A96AA7827C4CC4FE5EFD7BA02AE9E449799A3B381D9D869

ends up here and distributed to exchanges
https://finder.terra.money/mainnet/address/terra1jucupy5asr7y345jnvcdueajjce6qjuzz60w3v

this tweet i found confirming this https://twitter.com/Marco_v_Ro/status/1514604210779668480?s=20&t=BQk6PiHWxgGNmgkMbSvPrw

this printed ust was used to buy up btc but can you see how dumb this idea is? print ust to buy btc to back ust. all along I have thought they have sold luna/ust to buy btc but instead they have printed ust. this created huge risk in the system as 3.5b/18b (20%) was looking for an exit, far larger than current liquidity - daily redemption with little spread is only 200m, 3pool on ethereum is only 700m.

LFG $10 billion plan was either a fraud or a really dumb idea. Do Kwon and his team needs to take responsibility, own up the mistake and lead the path forward!

3 Likes

I was thinking of this as being the reason… thanks for sharing the details. It was no coincidence that right after BTC purchase the depeg started.