It’s been a tough week for those who have lost everything in the Luna/Terra crash. Many people, understandably, are trying to figure out what happened. The discourse on social media platforms is pretty depressing with one hard-luck story after the next. The common questions people want answers to are 1) Was the Luna/Terra crash an orchestrated attack from external forces; or 2) was it an inside job? This is the latest, published by Vinod Dsouza, Watcher. guru.
Reports are doing the rounds that Terra UST operators bailed out a few selected whales during the crash. The report read that operators allegedly allowed a few UST whales to cash out at close to 100 cents in the dollar. The operators allegedly used top cryptocurrency exchanges such as Binance and Gemini to cash out the whales as a conduit, reported NewMoneyReview.
Even users on social media believe that the operators helped whales bailout while the retail investors got incinerated. Many others believe it was an inside job and the whales suffered limited damage.
“It appears an inside job was allowed to be carried forth to bail out whales all while the retail bag holders got incinerated. Massive class-action / criminal proceedings possible with this,” tweeted a user.
“Luna guard better show some chain history on the exchange side of things to show they were supporting the peg with BTC trades. If they balk at providing = red flag. This will be interesting,” tweeted another user.
However, it is not confirmed if the TerraUST operators helped whales bail out during the crash. Not many details are out in public and remain only to be rumors on social media.
TerraUST & LUNA’s Fall
Terra LUNA traded above $100 during the start of the month but its price is now worthless. LUNA got delisted from top exchanges drying up its trading volume. While non-investors made TerraUST and LUNA the butt of all jokes on social media, the ones invested in it are enraged with the happenings, as their savings were wiped out.
LUNA is still falling double digits in the indices and could slump further. It is highly unlikely LUNA will breach its all-time high of $118 unless the team back it up with a solid recovery plan. Until then, LUNA will always be called the token that failed and went to $0. Its reputation in the market is already down the drain and anger against its founder Do Kwon remains high.
At press time, Terra LUNA was trading at $0.00018038 and is down 23% in the day’s trade.
