Blackrock and Citadel. The culprits.

Messing with #LUNAtics was not a good move.

As soon as Blackrock invested into Circle (USDC issuer), $UST became a competitor.

Here is what happened over the past few days (supposedly).

🧵👇

1. Borrowed 100k #Bitcoin

2. OTC deal to sell 25k $BTC to Terra to buy $UST.

3. Sold the remaining 75k $BTC and shorted $LUNA.

4. Dumped some $UST on Curve while liquidity moved from 3pool to 4pool causing de-peg.

5. Contiuously dumped the rest of the $UST on Binance causing a further depegging.

6. FUD spread through-out twitter/reddit (including bot spam).

7. Continued de-peg undermined confidence in $UST causing a bank-run on Anchor, causing $UST to further de-peg.

8. Transaction spam with high-gas requests causing network congestions on Terra.

9. With congestion, borrowers were left unable to repay Anchor loans causing mass liquidations.

10. The liquidation mechanism used in Anchor was emptied causing liquidations to occur at extremely high premiums (Community was unable to make bids for collateral due to congestion).