A form of CoinDesk Korea y Uppsala Security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. said that an address identified as responsible for the UST attack belongs to one of Terra’s organizations.
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- The investigation traced an Ethereum address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. identified as responsible for the crash.
- The report showed a link between the wallet in question, and others, and UST’s disengagement.
- LUNAC DAO rejected the allegations.
Was the dramatic collapse of the UST stablecoin an inside job? That’s what a recent report claims.
The news media CoinDesk Korea and blockchain security companyUppsala Security han published a new report which suggests that Terraform Labs the firm behind the Earth was responsible for UST’s downfall.
According to the report, which was released Tuesday, a wallet that was allegedly involved in an attack that caused UST’s collapse may be owned or controlled by Terraform Labs (TFL) or Luna Foundation Guard (LFG), an organization dedicated to supporting the blockchain project. Earth (now called Terra Classic ).
An address triggered the fall of UST
The investigation focuses on a thorough tracing of the history of the wallet address of Ethereum a decentralized open-source blockchain with smart contracts functionality. “0x8d4[…]47d0a”. Denominated “ Cartera A “that address has been identified by other analytics companies as the alleged trigger for UST’s disengagement last month, and the subsequent implosion of Earth .
As stated inCrypto Briefingthe post-mortem reports of the creator of cryptomarket Jump Crypto and Blockchain analytics firm Nansen fueron dos de los que identificaron la dirección Ethereum in question as responsible for the attack.
According to the report, Portfolio a collection of cryptocurrencies or crypto assets held by an investment company, hedge fund, financial institution or individual. A was created on May 7, 2022, the first day of UST’s first disengagement that would mark the beginning of the so-called “ death spiral “. It was assumed that the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. UST algorithm a process or set of rules to be followed in problem-solving or calculation operations, usually by a computer. to maintain a stable price of USD $1 in a system linked to the token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. LUNA, and guaranteed in turn by reserves of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. but failed in its promise of parity.
The act that triggered the disengagement occurred when a ” TFL-associated wallet a place where cryptocurrency users can store, send and receive digital assets. removed approximately $150 million of UST’s liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. from Curve’s group. “, the report said. A few minutes later , la Cartera A intercambió USD $85 millones de UST por USDC en el mismo grupo del protocolo DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. Curve and transferred the new funds to an address in Coinbase is an American company that operates a cryptocurrency exchange platform. .
UST’s lack of liquidity in the group of Curve and the unprecedented transaction size would have caused the price of UST to become decoupled from the dollar, as noted by Crypto Briefing. Esto a su vez provocó pánico en el mercado y desencadenó una cascada mayor de canjes de UST y retiros de liquidez que exacerbaron aún más la situación. The report of Jump Crypto had already determined that the $85 million UST exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. from Portfolio A is the largest transaction in that group of Curve in particular to date.
Terraform o LFG are behind the suspicious addresses
The investigation adds that Portfolio A received all your funds from one wallet Earth starting with “terra1y”, called “Portfolio A(T)”. Broadly speaking, the report shows the linkage of both addresses to some accounts on the exchanges Binance y Coinbase, belonging to LFG and LUNC DAO decentralized autonomous organization, system of rules that define how a decentralized organization should operate and which actions it should take. a validator a participant on a proof-of-stake (PoS) blockchain, involved in validating blocks for rewards. of Earth 2.0 allegedly created by the CEO of Terraform , Do Kwon.
De acuerdo con el informe, la Cartera A(T) proporcionó una gran cantidad de UST a la billetera A. También señaló que la Cartera (A)T enviaba constantemente UST a una cuenta de Binance the world’s largest cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange, and that by May 25 had raised almost 124 million UST.
“ The largest number of UST transactions sent by the A(T) wallet to Binance was 18,251,326 transferred at 9:40 p.m. on May 7. This is around the same time that Terraform Labs temporarily removed liquidity from Curve. “reads the report, which, in general, shows how several of the linked wallets transferred UST, USDC and USDT to each other.
Summarizing the findings, CoinDesk Korea he wrote:
Combining the above findings uncovered through forensic chain analysis, the ‘104721486’ wallet from the Binance user memo, the LFG wallet, the LUNC DAO wallet, the A (T) Wallet and the A Wallet […] are all leading to the conclusion that the wallets belong to the same owner or are managed by a single group.
LUNC DAO rejects the accusations
The report of CoinDesk Korea y Uppsala Security , que concluye que Terraform or LFG caused the collapse of UST, he added that South Korean authorities are aware of this information and are investigating. the suspicious flow of funds “of wallets related to Portfolio A.
“ We are tracking the flow of problematic wallets and coins through a blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. forensic technique. ”, habría dicho un funcionario de la Fiscalía del Distrito Sur de Seúl al periódico.
However, not everyone has echoed the accusations. As reported byCrypto Briefingthe LUNC DAO team and a pseudonymous writing under a false name, such as “Satoshi Nakamoto.” user who identifies himself as FatManTerra on Twitter, which has been sharing its own findings on the case, have questioned the claims set out in the recent report.
That’s not LUNC DAO’s wallet! That’s KuCoin’s hot wallet! It makes the whole report nonsense, because obviously two addresses are not linked simply by virtue of receiving money from KuCoin. All it means is they are both KuCoin users. Nothing sinister and nothing proven. (4/4)
– FatMan (@FatManTerra) June 14, 2022
In a tweet of today, FatMan described the report as a “ nonsense ” arguing that the A(T) Wallet labeled as belonging to LUNC DAO actually belongs to the cryptocurrency exchange. KuCoin . The LUNC DAO Team also refuted the claims and said that that wallet does not belong to him; although, so far, neither has provided proof that it belongs to KuCoin .
- Terraform Labs investigated for alleged Bitcoin embezzlement in South Korea
- SEC Expands Terraform Investigation; Do Kwon Allegedly Withdrew $80M from LUNA and UST Each Month
- Terra collapse victims contemplate suing Binance.US for misleading campaigns
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash
