Key Developments in Luna Crash Investigation: Is Do Kwon to blame?

2022-12-07 11:56

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Original article by Terra Researcher FatMan

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An important investigation into the Luna crash, the opening chapter in a dark bear market for cryptocurrencies this year. Terra Research Forum member FatMan released investigation results: The most direct cause of UST decoupling LUNA crash is actually Terraform Labs led by Do Kwon. "Humans can lie, but blockchain can't."- FatMan. The following is a full translation of the survey report.

The latest on-chain data reveals the root cause of the May UST devaluation: In the 3 weeks leading up to the decoupling, one entity sold more than $450 million of UST on the open market. Four days after their last sale, the UST began to collapse. Which entity? None other than Terraform Labs (TFL).

This one was written by an anonymous researcher@Cycle_22(The man who discovered Hodlnaut's bankruptcy) compiled a trove of data showing that TFL suddenly started selling hundreds of millions of Usts in the period leading up to the decoupling.

TFL has been promoting the notion that UST is "under attack." But this is false news.In effect, TFL itself irresponsibly dumped a large amount of UST in a short period of time, thus weakening the balance of the Curve pool. This reduces liquidity and seriously jeopardizing the target's UST anchoring.

UST 脱钩的最后一击可能是由任何人执行的。因为在看到 TFL 耗尽流动资金后，有多少大机构拥有 UST，并且可能想出售？ Genesis、3AC、Hodlnaut、Jump、Celsius？这个名单并非全部。但这是切题的。一个 8000 万美元的抛售是如何使一个 100 亿美元以上的生态系统脱钩的？

简而言之，把 UST 看作是一个盒子。真正的美元可以进去，同时也可以出来。只要有足够的剩余，任何人都可以用他们的 UST 代币从盒子里换取真正的美元。同时 Anchor 的高收益率引导了成千上万的投资者把他们自己的真美元放在盒子里以获得收益和「安全」。

But one man - Do Kwon - has amassed billions of UST tokens without putting in any real dollars at all.他用他的 LUNA 代币凭空印（铸造）出了它们。这种 UST 现在可以用来从箱子里取走真正的美元，因此这本质上是控制了一台印钞机。

然后 TFL 和 Do Kwon 开始以最快的速度从生态系统中抽出资金。我们已经讨论过 Degenbox，通过它兑换出了超过 27 亿美元。但是前面提到的 10 亿美元是在此基础上额外增加的! 这更加糟糕，因为它是在 UST 脱钩的几周前被移除的。

The most despicable part, though, is that TFL and Do Kwon continually promote Anchor as a savings product for retail investors. The Terra white paper also says that UST will keep prices stable and can always be exchanged for LUNA worth $1 (until they ditch it).But why do all this?

Because Do Kwon has the key to the box, his goal is simple:Convince people to put as much real money in the box as possible. He did this by any means necessary, projecting an image of authority, confidence and stability, but he silently exited stage left.

那么，当 UST 脱钩开始时，当散户投资者试图将他们的 UST 代币换回他们投入的真实美元时会发生什么？那就是，钱没了，盒子是空的，因为有人提前拿走了这些美元。之后由于人们恐慌性地抛售以割肉套现，UST 的价格暴跌。

流动资金池已被抽干。订单簿深度也很薄。UST 跪在地上，被细线挂住——就像一个僵尸，因为系统中真正的美元已经被提取走了。在这一点上，只需要一笔大的 UST 卖单，就可以使整个系统崩溃，同时也成为完美的替罪羊。

LFG made a symbolic price-anchored defense with a small portion of their profits, but will not save UST. 审计显示 47,000 枚比特币被送到了 Jump Crypto，但没有任何交易日志/证据。The connection between Jump and the UST decoupling incident leaves me with many questions that must be investigated more thoroughly.

我们已经知道 Do Kwon 在他与 Basis Cash 的联系上对公众撒了谎，并通过链上欺骗使 Terra 稳定币看起来更加强大和稳定。但是，我们今天发现的情况使他犯下的欺骗和欺诈达到了一个新的层面。

在整个 2021 年里系统性地对散户「抛售」UST，同时兜售 UST 的稳定币叙事是一回事。但在 22 年 4 月下旬这样做，自己造成 UST 的流动性紧缩，直接导致 UST 脱钩，然后指责别人，同时假装道歉，这是令人难以置信的卑鄙和可悲。

是的，TFL 掠夺了散户。我们知道这一点。但是，TFL 和 Do Kwon 的行为也更加导致了整个加密货币行业的系统性崩溃，我们到现在的每一天任然都能感受到传递效应。他被淘汰了，他用数十亿的资金充实了自己的公司，而其他人却在受苦。

Do Kwon 仍然在躲避韩国当局的追捕，但我坚信，只要有足够的时间，国际调查将有助于带来一个「结束」。世界需要发出一个强烈的信息--这种规模的欺诈行为不能也不应该不受惩罚！对 SBF 来说也是如此。

Here's the blockchain that proves these findingsEvidence on chain, by the distinguished@Cycle_22Provided. These transactions prove that more than $1 billion was sold by TFL on Curve or sent to Binance.

哦，那我们怎么确认是 TFL 倾倒了所有的 UST？他们在自己的审计中意外地承认了这一点。人类可以撒谎，但区块链不能。