Terraform Labs personnel and buds caused the crash! Why would you expect people to hold their UST savings for days without clear response to be “faithful” to the project when the actual founders weren’t faithful/diligent enough to prevent the situation? There’s a huge group of people holding either UST or Luna (or both), naturally some people will sell depending on their personal situations and hearing about crypto ponzi history. It’s going to inevitably cause a chain reaction. An entire group of 150,000+ whatever people aren’t going to unilaterally either wait it out and hold or play it safe and sell.
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" All forms of UST on Terra would count in the first refund batch"
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agreed !
Anyway, the proof of transactions that we need to provide need to be submitted to a trusted, designated person sooner rather than later. Once a standardized format is finalized ASAP, let’s get on board with our submissions and make sure it gets to Do Kwon, law enforcement, and whoever else. And we will all follow up routinely. We need to maintain this level of passion about recovering funds and not giving up hope bc if we wait too long, it may not happen!
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It has come to my attention from someone who was tracking Mirror data that a large wallet involved with initial liquidity provision during Mirror’s conception had been slowly unwinding their entire position in the weeks preceding the depeg.
This means a large player involved in Mirror from the very beginning likely knew precisely when the UST depeg event would play out.
These are the facts, and I don’t want to speculate beyond this, but make of this what you will. I hope we learn more from Terra’s post-mortem.
Credit to @yeshello
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agree with full refund in USDC for small amount initial iinvestment. I don’t care about the interest now.
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UST holders was lending money to Luna so it can thrive. They had nothing to gain from Luna being 10X when it was mooning, so they should be paid in full here and is the first priority
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That s exactly what I propose.
Every transaction at CEX after depeg is recorded and I am sure CEX would be happy to assist. But honestly Do Kwon never asked support and don’t count too much on the reserve.
For those who still insist Luna and UST are the same as both are crypto. They are in different risk level. Look at Iron finance and Titan.
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UST holders was lending money to Luna so it can thrive. They had nothing to gain from Luna being 10X when it was mooning, so they should be paid in full here and is the first priority
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5000$ altindaki yatırımcıları tespit edip ödemesini yapmanız insanların luna ticareti yapmasını sağlayacaktır buda kurtarma planı icin iyi bir başlangıç olacaktır.
I don’t know about this proposal but please don’t forget people who supported UST during the time period by buying Luna (doing it on purpose or not, personaly I was unaware about the inflating supply), me for instance from $15.
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Great tweak.
This would be ideal. In a perfect world, we would calculate everyone’s UST sell basis and pro rata refund them accordingly.
Sadly it is not feasible to carry this out. We would have to have every single Terra user sign up to a service and link their exchange accounts to their on-chain wallet. We would need co-operation from every major exchange to provide some central party all of their transaction data (it is doubtful whether they would comply). We would then have to calculate a refund amount and verify all of the data which would cost quite a bit in manpower.
Most crucially, every stage of this process would be open to exploitation.
- People could link Terra wallets to exchange accounts that aren’t theirs to falsify trading data.
- Given that there are hundreds of millions of dollars at stake, any foul play from an exchange or an exchange employee cannot be ruled out. We would have to take the exchange at face value when they give us sell basis data, because there’s no formal verification process other than their word.
- We would also have to put immense trust in the verification party we choose to determine the refund amount and verify exchange data, which could be open to exploitation as well given the large amount of money at stake.
All of this can be mitigated by sticking purely to blockchain data at the time of the depeg which cannot be falsified or altered. The cost basis issue is problematic but I think it’s easier, more fair, and most importantly, actually feasible to simply create a refund allowance based on the UST balance at the time and have people return their UST to redeem the USDC refund in order to mitigate the double reward issue.
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I am sorry that you lost money speculating on an altcoin designed to crash when UST depegs, but unfortunately the LFG was not set up to protect your demographic. The funds are designated to protect UST holders and the UST peg.
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It was not very effective it seems… but ruined many life on the way down
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Solid idea – if it’s feasible.
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A lot of people are favoring past snapshot pre depeg. Imho, that’s flawed and sets a bad precedence.
- a lot of people got out of ust after depeg at different levels. Some would net benefit from this.
- this is the same as turning back time proposal. I want to turn back time too but it goes against all rules of fair market.
- ust and Luna collapse is largely due to a loss of confidence. Despite the “attack”, if people did not rush for the exit and dump their ust, the peg would have recovered. I’m very emotional now, and I also blamed all the people who sold ust and cause the value to fall further.
- post depeg… all the investors who bought and lost $ as ust continues to fall… should they not be considered? They lost more than the ones who got out and cost ust to depeg further!
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I have not done any work on tracking where all the UST ended up following the exit of the positions, other than noticing a number of large transactions in bundles of ~5mill UST each to a number of different addresses.
It isn’t necessarily proven that they knew about the depeg, as there are a number of reasons for exiting Mirror. But the timing being that almost immediately after covering the position over a period of several weeks the following occurs: 1) the passing of an emergency governance contract migration that locked a large number of user funds in the Mirror platform and 2) the depeg. Certainly questionable.
Primary addresses in question for those curious:
terra1xvmdjsdp58sanlzvnx6g79nyf2zk7cr5l78mxs
terra1tthcqld37wghyg3r5q5wj2f88tl5xqmcq4gweg
terra18w7z9prrjzncz3mkqh7e65q3mc6j386y0qyw9a
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I think at this point people are far too caught up in the details that can be sorted out later and need to be more focused on promoting the general idea, bringing it to more peoples attention, and getting a real response from the team. @FatMan has been absolutely killing it and his idea deserves a response
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You guys are repeating yourself like parrots with your liability vs asset arguments. Enough already.
My point is NOT TO reward the UST holders who caused the crash. How can you pay the whales that caused this mess and the suffering?
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