The Terra/UST saga and debacle has now taken a downright dark tone. According to a chain analysis of the transactions that triggered the UST depeg on May 7th 2022, the wallet that started it all, by selling over 85 million UST and swapping them for USDC, belongs to a… "Terraform Labs" developer or member.
The article on CoinDesk (see link below) goes on :
« The transactional history of that wallet showed it regularly sent huge amounts of UST to crypto exchange Binance. Uppsala [the cryptoforensics firm] showed that the wallet transacted with several other Terra wallets such as “terra1gr0xesnseevzt3h4nxr64sh5gk4dwrwgszx3nw” (referred to as terra1gr). This aroused suspicions at Uppsala – since terra1gr was one of the official wallets of the Luna Foundation Guard (LFG), which was set up by Kwon and other Terraform Labs officials to create a reserve for the "algorithmic" protocol behind UST. »
And another wallet involved in that sabotage scheme, terra13s, now serves as one of the official validators for the Terra 2.0 blockchain…
Oftentimes the fact of calling out a « conspiracy » is deemed rubbish by mainstream media and all politically correct actors. But when transparent and immutable on-chain data reveals the direct responsible for the worst cryptomarkets crash ever, it’s hard to deny reality.
We'll wait for more review and detailed analysis of those transactions to draw a definitive conclusion.
In case the inside job would be confirmed, one of the inevitable questions would then turn as: who paid Terraform Labs, or at least one of its upper level members (who had the right to move huge amounts of UST from Terraform Labs related wallets) to try and ruin the cryptosphere, both financially and reputation wise?
Source of the data & the image: www.coindesk.com/tech/2022/06/17/wallet-that-helped-trigger-ust-implosion-linked-by-analysis-firm-to-terra-developer