'Evil genius' may have caused Terra and Luna cryptocurrencies to crash in a 'death spiral'

"Conspiracy theorists would say 'yes', because it's a massive trade. I mean, in all of my career, it's one of the biggest trades that I've seen," she told ABC's The Business.Ms Wade said, as part of this complex plot, the buyers appear to have purchased around $1 billion worth of UST stablecoins, while "shorting" bitcoin .

"So when the death spiral kicked in ... the algorithm started selling Bitcoin and Avalanche [another cryptocurrency], which triggers more selling."Luna was impacted because it's the underlying [backer] of the UST. So every time a UST [token] is bought, a Luna [token] is burnt, which means there's less tokens in supply, so the Luna price goes up.

"And if there's no buyers and the price goes down, then it starts to feed on itself, because people start panicking and selling Luna.

I have an NFT of a Bridge in Brooklyn and PNG of a rock in El Salvador if you want to trade. It's a fair trade, come on.

we are here to save all luna holders , see pinned post on our profile

I'd bet that the 'Evil Genius' was better at math than ChauDave A fall from $86 to 6 cents is a fall of 100x(86-0.06)/86=99.93% or near enough to 100% for investors in the fad of BTC 🤪

. David Chau wrote this article. He writes Terra is pegged to US$1 despite, clearly, it not being pegged at all. He replaces any coherent argument of how the system works with a fluffy cloud called 'algorithm' as if that somehow makes it valid. EVERY crypto is smoke & mirrors.

. Finance journos who lump crypto with companies in development phase ar f00ls. Crypto is not currency, it is an intangible item. Like any collectable such as comic books or stamps, it doesn't generate income & never will & has no transferable use. It's worth whatever ppl pay.

Any holder with half a brain would know the ecosystem was vulnerable to this sort of attack. You know what they say about a fool and his money...

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