Based on the theory story shared by @CryptoHarry_ and @JacobCanfield, Terra Daily would love to share it with you here

There will be two (2) types of information: Data and Rumor

Some transactions were made via the OTC so those are supposed to happen in the past few days

@JacobCanfield 1/ (Rumor) Blackrock and Citadel were the culprits

Citadel is the validator on various chains including Terra (but not now)

Blackrock recently invested in Circle (the institution issuing USDC) - $UST competitor

You can find the announcement

@JacobCanfield 2/ (Rumor) They used leverage to borrow $100K $BTC and divide it into 2 proportions:

+ 25% 25K selling BTC to buy UST

+ 75% 75K selling BTC aggressively and starting to short LUNA

These transactions were reported via OTC (Over The Counter) so we assume they are in (rumor)

@JacobCanfield 3/ (Data) Terraform Labs withdrew $150M from 3pool-UST on Curve Finance in order to prepare the liquidity for the 4pool-UST on Curve as well

By doing this, the liquidity for UST was in shortage.

But this led to a very huge gap in stablecoin

@JacobCanfield 4/ (Data) Immediately after that, $85M was swapped into the 3pool

Therefore, the number of UST increased but the number of USDC decreased, which had led to the unbalanced rate among stablecoins

Plus, this unbalance led to UST depegging to