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Terra (LUNA) falls by 50% in 24 hours!

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Rank: Carlos Matos
26 posts
Joined 2022-04-30
By ZARKO on May 11, 2022, 12:05 ET Post #1


At the heart of the Terra ecosystem, its stablecoin UST has just been the victim of a FUD attack that could be likened to an attempt at market manipulation. This is one of the main reasons for the fall overnight.

Struggling to maintain parity with the dollar, the UST stablecoin has been trading below the $1 mark for a long time. Creating a massive flow of sales of LUNA tokens against UST. An arbitrage operation that was supposed to allow the UST to regain its parity with the dollar. The problem was that after buying UST, buyers exchanged the token for other stablecoins like USDC or USDT.

According to several Twitter accounts, the trigger for this wave of panic was the massive joint sale of more than 285 million UST on the Binance and Curve platforms. The initiative came from a single portfolio. An element put forward by Brazilian lawyer Caetano Manfrini, a specialist in cryptographic issues:

At the heart of the Terra ecosystem, its stablecoin UST has just been the victim of a FUD attack that could be likened to an attempt at market manipulation. This is one of the main reasons for the fall overnight.

Struggling to maintain parity with the dollar, the UST stablecoin has been trading below the $1 mark for a long time. Creating a massive flow of sales of LUNA tokens against UST. An arbitrage operation that was supposed to allow the UST to regain its parity with the dollar. The problem was that after buying UST, buyers exchanged the token for other stablecoins like USDC or USDT.

According to several Twitter accounts, the trigger for this wave of panic was the massive joint sale of more than 285 million UST on the Binance and Curve platforms. The initiative came from a single portfolio. An element put forward by Brazilian lawyer Caetano Manfrini, a specialist in cryptographic issues:

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