![]() In an interview with Alex Botez, Do Kwon was quoted saying, “95% are going to die, but there’s also entertainment in watching companies die too”. This time too, it was definitely an entity with access to enormous resources. While Elon Musk’s tweet from May 2021 was a simple, almost whimsical decision that sent the market spiraling, this one was a coordinated attack. These transactions are available on-chain we just can’t link them to anybody yet.įorgive my affinity for comparing disasters, but it is relevant to where we are going with this. The accused parties have denied every allegation, and no one has found the smoking gun yet. From there, it just snowballed to where we are currently. This level of unprecedented capitulation caused market-wide panic, with a further decline in the value of other major cryptocurrencies. In the end, UST and LUNA crashed, with the former, an algorithmically pegged stablecoin, losing nearly 50% of its value. She revealed that BlackRock, Citadel Securities, Gemini crypto exchange, and LUNA Co-founder, Do Kwon, were involved in different but equally dodgy market maneuvers that blew in their faces spectacularly. However, in a tweet posted by Charles Hoskinson, the Founder of Cardano and Co-founder of Ethereum, an unidentified character, simply called ‘Anna,’ volunteered some juicy information. We know this part to be 100% true, with on-chain data backing up this claim. Then the entity dumped the UST and BTC on the market when trading volume was at its lowest. So, here’s what happened this time around – earlier this week, an entity (person or group) borrowed 100,000 BTC and exchanged 25% of it for UST. Even then, we were not entirely surprised – billionaire screws over the market for personal gain. In May 2021, optimism quickly made way for resignation as we watched the market bleed following Elon Musk’s 180 on BTC. However, something about this latest dip feels hard to accept. Participants in the blockchain sector have become accustomed to the periodic peaks and troughs of the market, riding the exhilarating highs and enduring its lows. How did we get here, though? All for One – One for Themselves However, in a multi-trillion-dollar market, with retail investors operating with limited personal funds, a coordinated, greed-fueled attack like this looks even more distasteful. One could even find solace that it was about gross mismanagement and a general lack of foresight. Compared to the Greek government-debt crisis, its effect might not be as devastating. This week, one of the best-coordinated attacks on any financial system rocked the crypto world to its core, sending the market into a dip of epic proportions. However, on the other side of the story, there’s the villain – a person or group that must pursue their interests without considering how it affects others. Poets sing about them, writers recount them in colorful details, and actors reenact them in iconic venues. Throughout history, tales of solidarity and camaraderie have been passed down through generations because they highlight the bravery and indefatigability of the human spirit. However, its inflexibility in the face of a dynamic adversary and internal saboteurs led to its downfall.” – Mitch Rankin, Co-founder of Forward Protocol. We still talk about it today because it was a unique experiment that held its own for a long time. ![]() ![]() “At the height of their civilization, the Spartan society functioned astutely and was popular throughout Europe. However, its inflexibility in the face of a dynamic adversary and internal saboteurs led to its downfall.” – Mitch … Read more ![]()
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