LUNA/UST: The Biggest SCAM ever or how to lose everything 😳Hello my friends, today I want to talk with you about LUNA project and their stable coin UST .
I think all of you closely monitor the situation around project the LUNA of its rapid fall.
Now I want to share with you my opinion why everything happened this way with this blockchain and who could benefit from it.
One large investment fund sold BTC for UST and received a very large volume of this stablecoin UST , all this was done quietly without publicity
When the time came, they called the CEO of the Terra Foundation and said they wanted to sell a big sum of BTC for UST . Since it was a big deal, they told him they didn't want to move the market and asked him if he would like to buy their big block of BTC at a discount with UST .
CEO agreed, and thus the fund in total have a lot more UST stablecoin than originally. At the same point, the fund immediately sold all of their BTC and UST , causing massive slippage and instigating a cascade of forced sales of both assets.
This situation triggered a massive sell-off for Luna, which led to the breaking of the $1 peg and further disruption of the market and now fund can buy back BTC cheaply to repay the loan and get the difference.
So the scam of LUNA/UST tokens is the work of the crypto whales and I think that the tokens will not be restored and I want to add everything that is written above is solely my opinion, you may disagree with it, however, as always 😉
This is an article, not financial advice, always do your own research.
If you have any questions, you can write it in comments below, and I will answer them.
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