Suspicions pointing to Citadel behind crash
1 min read
As Terra Luna crashes and burns, people are starting to connect the dots to who the supposed bad actor was behind the Luna crash. And eyes are turning to Citadel.
This is how this supposedly unfolds. Citadel borrowed 100k Bitcoin. Then, trades 25k Bitcoin for UST. At this moment, Citadel opens a short. Then, starts dumping 75k Bitcoin aggressively.
Once Bitcoin reached 30k, Citadel then starts dumping UST to make it lose its peg. Now, Kwon is forced to sell 25k Bitcoin at a major loss to recover the peg. This further dumps the price of Bitcoin. Behind the scenes, Citadel is still shorting all the way.
At this time, these are just rumors of what had happened. As time moves forward, it will be more clear what happened and who was responsible for it.
Sources: r/SuperStonk, u/g35fan
submitted by /u/hearsdemons
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