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UST FALLS TO $0.62

By May 10, 2022October 26th, 2022No Comments

Deliberate market manipulation combined with short positions

On Curve, one of the largest DeFi liquidity pools. Its users started to notice suspicious withdrawals.

Saturday, May 7 a whale dumped $84 million worth of UST

Monday at 11:45am EDT, $250,000 traded at a UST price of $0.77 on Kraken

Which begun to stabilize UST back into the 90s, to little to late.

Fear had set in and a liquidity cascade began.

Collapsing UST to $0.62 on some platforms

UST began to see BILLIONS in trading volume on just 500k work of UST.

Binance exchange soon halted LUNA withdrawals

2 billion worth of BTC was sold to stabilize UST according to Trust Nodes

Luna, UST’s treasury backing and burn token lost 8 billion on its market cap over the last 7 days down 60% this morning.