Bankman-Fried rejects claims that Alameda crashed luna to sink 3AC
This isn't a new claim: What Happened To $LUNA? How It Crashed More Than 95% From Its All-Time High
Just read this shit...
Zhu’s criticism was joined by Terraform Labs CEO Do Kwon, the creator of luna and TerraUSD. Kwon said that Genesis Trading — crypto’s largest prime brokerage that is facing its own liquidity crisis — purchased $1 billion of TerraUSD shortly before the crash, claiming that it wanted to participate in the Terra DeFi ecosystem. He asked openly whether these funds were provided to Alameda or Bankman-Fried in order to attack the token.
3AC’s other co-founder, Kyle Davies, echoed this claim on a podcast with AnalyseAsia this week. He said that the funds handed to Genesis were given out to a market making firm that immediately sold the tokens in order to drop the price.
I remain very pleased I sold my LUNA at about $80. I thought buying that amount of BTC was stupid - buying a highly volatile asset to protect a "stable"coin. So how did that work out?
Also, why design a smart-contract-algorithm and then go and be really dumb off-chain!? Buying that amount of BTC was essentially giving the other side the ammunition with which to hit you. That BTC was bought using UST. It was a simple financial finesse. Don't trust, verify. Where did all those crypto mantras vanish?
I still think the lessons of 2022 are that so-called defi protocols are truly dreadful! Naive algorithms unable to handle inflated token prices because those prices are backed by a balloon of hot air - just waiting for a prick to take aim.
Nobody cares that some jerk allegedly lost billions of pretend-dollars in inflated coins. What matters is who walked into the casino, and who walked out - and what they left with.
mmm... I still cannot fathom how dumb the devs are who construct these things.
No, really!
But then again, I've met those where dogma comes before algorithmic complexity. Maybe they were in on the scams, maybe not, but nobody should copy such structures.
apart from uniswap ponzi-pools - they are fabtastic.