.nansen_ai identified seven wallets that could play significant role in $UST de-peg Terra Nansen
Instead, seven large wallets explored the imbalanced status of UST-LUNA's tokenomic design.
Most likely, on May 7, 2022, they started moving UST liquidity out of Anchor Protocol . Prior to the Terra drama, this protocol offered up to 19.5% in APY on UST stablecoin.Then, they started to aggressively move liquidity from Terra blockchain to Ethereum via Wormhole bridge infrastructure. Nansen shared the addresses of seven whale-driven wallets that played significant roles in this process. Nansen's heuristics identified them as"Token Millionaires" and"Heavy DEX Traders."Finally, the mentioned accounts started swapping UST to other stablecoins on Curve Finance liquidity pools. Once UST de-pegged, massive arbitrage opprtunities were opened up due to "inefficiencies" between various price sources.
As covered by U.Today previously, as a result of events, UST stablecoin and Terra asset dropped to almost zero levels. Terraform Labs' founder Do Kwon initiated the restarting of the network.
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