The Massive UST Depeg Could Be Caused By 7 Terra Wallets!

According to a market intelligence organization, seven crypto wallets were perhaps implicated in the decoupling of algorithmic stablecoin TerraUSD (UST) from the US dollar. Seven wallets were discovered transferring big sums of UST on the automated market-making platform Curve, according to digital assets research firm Nansen. These wallets most likely took advantage of pricing differences between centralized and decentralized crypto exchange platforms, which might have resulted in UST's depeg. EIP 1559 User Wallet: On May 7th, 85 million UST were bridged to Ethereum and then traded on Curve for about 84.5 million USDC. Celsius Wallet: 175 million UST were moved from Terra to Ethereum on May 7th. It then sent 125 million UST to Curve, which was converted to USDC in 25 million increments. hs0327.eth Wallet: On May 8th, the wallet transferred 20 million UST to Ethereum. Smart LP Wallet: which crossed the 20 million UST threshold on May 8th before being exchanged on Curve for USDC. Token Millionaire / Heavy Dex Trader Wallet: It exchanged almost 30 million UST for USDC on Curve on May 8th. Token Millionaire Wallet: On May 8th and 9th, it performed a number of transactions, moving a total of 60 million UST to Ethereum. According to the Nansen inquiry, the UST depegging incident could not be linked to a malicious individual or group. It was stated: This on-chain study refutes the narrative of one “attacker” or “hacker” working to destabilize UST. Instead, we found that a small number of players identified and arbitraged vulnerabilities – specifically in relation to the shallow liquidity of the Curve pools.