Discussion

• @venturecoinist Luke Martin on x

  @cz_binance Apparently 52k $btc was sent to Gemini and the rest (28k btc) was sent to Binance at 1am in a single transaction. https://www.elliptic.co/... https://twitter.com/...

• @terra_money @terra_money on x

  The Terra blockchain was officially halted at a block height of 7603700. https://lcd.terra.dev/... Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.

• @lfg_org @lfg_org on x

  Below is the new LFG $BTC wallet address: https://blockchain.com/... Last clip withdrawn by the LFG was ~37K BTC. Similar to the last deployment, it has been loaned to MMs. Very little of the recent clip has been spent but is currently being used to buy $UST. Updates coming.

• @stablekwon @stablekwon on x

  3/ Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no luna nor ust during the crisis.

• @wublockchain @wublockchain on x

  Elliptic: Of the 80,394 BTC held by LFG, 52,189 BTC went to the U.S exchange Gemini on May 9, and the remaining 28,205 BTC was transferred to an account at Binance on May 10, it could not be determined whether the assets were sold or not. https://www.elliptic.co/...

• @12yearoldwithcc @12yearoldwithcc on x

  Wait not even Delphi knows what happened to the LFG BTC? https://twitter.com/...

• @spideycyp_155 @spideycyp_155 on x

  @cz_binance @TajoCrypto 1.2 bn left unaccounted, what are they waiting for?? Seriously the things need more transparency, kudos to @cz_binance for jumping in for the investors!! Hope to see things improve in the coming days!! https://www.theblockcrypto.com/ ...

• @yodaresearch @yodaresearch on x

  New theory about the missing @LFG_org #BTC reserve after the $LUNA $UST implosion - 52K $BTC sent to Gemini - 28K $BTC sent to Binance in one transaction hmm if true, why is @cz_binance then asking publicly where the missing #Bitcoin are? 🤔 link: https://www.elliptic.co/... https…

• @lex_node @lex_node on x

  given @cz_binance 's obvious displeasure with Terra and @stablekwon 's silence so far on fate of the LFG BTC reserve, if this article is true it would not surprise me if Binance has frozen the BTC it allegedly received @cz_binance care to comment? https://www.elliptic.co/... http…

• @maxberger Max Berger on x

  This is a really helpful list. I'm also wondering about the list of politicians who received money from the new Crypto funded SuperPAC. https://twitter.com/... https://twitter.com/...

• @laurashin Laura Shin on x

  Wondering where the $3.5 billion in #bitcoin owned by #Terra_Luna / LFG went? Here's where @elliptic traced it to: https://www.elliptic.co/...

• @cyounessi1 @cyounessi1 on x

  Over *four years* ago I was a research analyst at @scalarcapital. The Terra / $LUNA deal came across our desk and I was assigned to it because I was the DeFi guy. Here's what I had to say about the project. How did we allow it to end up like this? https://twitter.com/...

• @cz_binance @cz_binance on x

  5. I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all

• @ian_fraser Ian Fraser on x

  TerraUSD founder Do Kwon mocked @Frances_Coppola after she warned the self-correction mechanisms used by stablecoins like Terra would fail when panicked investors race for the exit. Now, she's having the last laugh. https://markets.businessinsider.com/ ...

• @stablekwon @stablekwon on x

  4/ We are currently working on documenting the use of the LFG BTC reserves during the depegging event. Please be patient with us as our teams are juggling multiple tasks at the same time.

• @georgeselgin George Selgin on x

  For this last reason alone, its very misleading to compare attacks on algorithmic stablecoins to “bank runs.” The more “bank-like” stablecoin issuers are the only ones that can actually face “runs” to redeem their coins. Yet they've held their value. https://www.wsj.com/...

• @stablekwon Do Kwon on x

  5/ There are multiple proposals on Agora on the best steps to move forward for the community - after having read many of them, I've put down my thoughts of what I think the best steps are: https://agora.terra.money/...

• @christine_dkim Christine Kim on x

  The Luna Foundation Guard has moved 37,179.99 BTC (~$1.2bn) of its reserves to OKEx. The funds were again loaned out to market makers in an ongoing attempt to re-stabilize the UST peg. UST prices continues to falls. H/t: @AppBreadcrumbs https://twitter.com/... https://twitter.com…

• @nischalshetty @nischalshetty on x

  Hope funds are accounted for as it's part of foundation May be just a case of not having shared the specific wallet address But bigger question is: How did a foundation end up being used as an asset custodian for backing an algorithmic stablecoin 🤔 https://www.theblockcrypto.com/…

• @lawmaster Larry Cermak on x

  @Darrenlautf I am really fucking surprised they didn't publish anything about what they did with it yet. There are some unconfirmed rumors they still have significant BTC reserves left. 100s of thousands of people rekt and no one knows what they did with it

• @pedroexplore1 Pedro on x

  Did the $2-3B in BTC reserves run out? Are you waiting for UST supply to = remaining BTC reserve to the come announce “hey every UST is no fully collateralized!” I am mad at the silence.

• @freddieraynolds @freddieraynolds on x

  @Galois_Capital For Terra to have any future LFG and TFL need to open up their books tbh

• @adamscochran Adam Cochran on x

  @Darrenlautf 1/2 My hunch is, if their loaning statement was true then either: 1) MM blew up on levered position & is trying to claim they should keep the BTC or 2) They are in denial phase, think they can turn it around, and soon will realize they can't & liquidate it for operat…

• @0xfr_ @0xfr_ on x

  @BennettTomlin i want to see evidence they actually used all their reserves maybe they realized it was useless at some point and saved what they could

• @iamdcinvestor @iamdcinvestor on x

  hey @stablekwon, interesting proposal on how to revive @terra_money but just one question: WHERE THE F IS THE $2B IN BTC from @LFG_org ? PRODUCE AUDITED RECORDS OF WHERE IT WENT, OTHERWISE GTFO AND GO TO JAIL YOU WORTHLESS GRIFTER have a nice day 😘 https://agora.terra.money/...

• @twobitidiot @twobitidiot on x

  Where is LFG's Bitcoin reserve?

• @katie_martin_fx Katie Martin on x

  look i'm trying not to laugh. i am. “GAM Holding AG is not in negotiations with Terraform Labs to support the Luna stablecoin” https://www.globenewswire.com/ ...

• @altcoinpsycho @altcoinpsycho on x

  1) This is essentially a self-loan to an otc firm 2) basically reads: sell $750m of BTC soon then buy back $1.5 billion worth when price is attractive Yea... we definitely going lower lol https://twitter.com/...

• @davidgokhshtein David Gokhshtein on x

  Not a great look for $LUNA / $UST when CZ opts to talk comment on your protocol publicly. https://twitter.com/...

• @bennetttomlin Bennett Tomlin on x

  I hope “Updates coming.” is the last thing that LFG ever tweets https://t.co/dGPTktr5Tc

• @ncweaver Nicholas Weaver on x

  The deliberate shutdown of the Terra blockchain shows clearly that it is really DINO: Decentralized in Name Only. Which means UST is a centrally controllable substitute dollar. US should extradite those behind @terra_money, specifically @stablekwon for money transmission crimes

• @wormholecrypto @wormholecrypto on x

  The Terra blockchain has been halted again. Wormhole and Portal transfers have been disabled to / from the Terra chain. Other chains are operating as normal. We will share an update as soon as it becomes available. https://twitter.com/...

• @stablekwon @stablekwon on x

  1/ I've spent the last few days on the phone calling Terra community members - builders, community members, employees, friends and family, that have been devastated by UST depegging. I am heartbroken about the pain my invention has brought on all of you.

• @cz_binance @cz_binance on x

  Personal opinion. NFA. This won't work. - forking does not give the new fork any value. That's wishful thinking. - one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges). Where is all the BTC that was supposed to be used as reserves? https…

• @terra_money @terra_money on x

  The Terra blockchain has resumed block production. Validators have decided to disable on-chain swaps, and IBC channels are now closed. Users are encouraged to bridge off-chain assets, such as bETH, to their native chains. Note: Wormhole bridge is currently unavailable.

• @persiancapital @persiancapital on x

  The second way is to prioritize smaller wallets. People who had a couple thousand or more of UST deposited in Anchor. If Terra just focussed on the “poorest” 99.6% of wallets, then they could make this gigantic group 100% whole. Yes, you read that right! 4/

• @vitalikbuterin @vitalikbuterin on x

  Strongly support this. Coordinated sympathy and relief for the average UST smallholder who got told something dumb about “20% interest rates on the US dollar” by an influencer, personal responsibility and SFYL for the wealthy. https://twitter.com/...

• @sanjiva @sanjiva on x

  A *slightly* more understandable explanation of the cryptocalypse involving Luna, Tuna, UST, USDC and maybe some Salmon too. Ugh. https://twitter.com/...

• @cryptolionel Lionel on x

  @cz_binance I wrote that yesterday out of frustration. Still hoping for the best! Btw did you already see @stablekwon proposal? That's much better (amended) imo! https://agora.terra.money/...

• @motherboard @motherboard on x

  UST, which is supposed to be pegged 1:1 to the dollar, is currently trading at $0.15. Luna itself has fallen from over $100 in April to $0.0001 today effectively “going to zero,” in crypto-speak. The price of Anchor's token also fell from $2 to $0.09. https://www.vice.com/...

• @motherboard @motherboard on x

  But how did this all happen, and why? We spoke with several investors in Terra-Luna, some of whom describe financial pain and a loss of faith in a project they once believed in without realizing its true nature. https://www.vice.com/...

• @motherboard @motherboard on x

  Terra isn't just another random crypto project: It was propped up by venture capitalists who pumped $150 million into the ecosystem last year, potentially giving investors confidence in the project. https://www.vice.com/...

• @bigblackjacobin Edward Ongweso Jr on x

  Me & @neuwaves talked to traders that lost savings they couldn't afford to lose but were desperate enough to risk. After years of propaganda from celebrities + hands-off regulation from the government, is it a surprise that so many people gambled on this? https://www.vice.com/...

• @motherboard @motherboard on x

  The most dramatic fall of the crypto crash has been the collapse of the $30 billion Terra ecosystem: its token Luna, its algorithmic stablecoin TerraUSD, and its lending protocol Anchor. https://www.vice.com/...

• @bigblackjacobin Edward Ongweso Jr on x

  UST and Luna collapsed and wiped out the savings of countless people, but the wealthy backers will be fine even without a bailout and they'll eventually move on to their next crypto project. The strong do what they can, the weak suffer what they must. https://www.vice.com/...