You woke up this morning to more than 90% if your Luna portfolio wiped away just like that…WTF happened?

1 This is a coordinated attack
2 The attacker is likely Citadel (you may remember them as the whales who saved the hedge funds against the Reddit Gamestop short squeeze) 
Citadel is one of the world’s biggest market makers. In 2020, they made $6.7B and $4.1B in EBITDA and hadn’t raised any outside capital previously.
They make about as much money as Nike, Starbucks, and Paypal. Yeeeeesh. This is a dramatic entrance to the crypto game. 
Here’s the Play-By-Play of what went down:
• The “attacker” cleared out liquidity pools on Curve Finance, which was ~$300M UST
• Then they started dumping the UST which caused people to panic and sell their UST – this all caused a minor depeg
• UST backers like Jump and LFG started selling other crypto assets like ETH and BTC to buy UST and bring the peg back
• That may have been exactly what the attacker wanted because it seems like they were actually shorting BTC (aka betting the price was gonna go down, they anticipated this because they knew LFG would need to sell their BTC to regain peg). Basically – they knew the counterpunch and were going to profit from that too 
• Mass panic hits and people start selling on exchanges which caused huge congestions
• Exchanges halted UST and Luna trade until things could stabilize
• This caused even more panic so people started withdrawing even more UST from Anchor, which caused a bank run for the protocol. Over 50% of all funds were withdrawn in the span of 48 hours

Some boss guys are Looking to enter the opposite game in anticipation of a major reversal/ recovery as seen many times in the past perhaps purchasing Luna at $5 ain’t such a bad idea.

The truth about Terra Luna

Everything you need to know about the USD T collapse

DISCLAIMER: Please be advised that nothing in this video shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor. All personal opinion is intended for general information purposes only

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You could go to bed one day in crypto sitting pretty with what you thought was the safest bet and asset ever and the next day you could be on the suicide watch list. Lesson in the Wild Wild West there’s no such thing as a stable coin

Boss moves

Source: @zerowaiting

It’s a sad sad day for many

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