Fat Man shared data from an anonymous analyst @Cycle_22 on Twitter showing that Terraform Labs sold a massive 450 million UST in April 2022.
Fat Man Terra posted a Twitter post accusing the Terraform Labs team of being behind the debacle of Terra USD (UST) and Terra (LUNA) in May. This is based on new on-chain data released by Cycle 22 analysts.
Fat Man states that Do Kwon and his team have just created Terra USD (UST) with their LUNA token and that there is no real dollar backing of the new supply.
That’s why the fall of Terra (LUNA) depends on “when” not “why”. Terraform Labs bot-linked wallets begin transferring large amounts of UST to Curve Finance (CRV) pools.
This process caused the collapse of entire ecosystems. It is not a third-party attack as many sources have claimed before.
Moreover The relationship between Terraform Labs and the wallet identified by the analyst was confirmed by the Terra team’s own audit.
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