> - spread around some fud about peg and bank runs
> - dumped the fuck out of their $3bn $btc on market to trigger wider panic
I'm sorry, but this is deep in /r/wallstreetbets conspiracy territory. The Occam's razor explanation is that the infinite 20% returns Luna/Anchor Ponzi is actually collapsing and that's what's triggering the runs.
It has more to do with lending rates. The 10 year peaked above 3% and ibonds now yield 9.6%. Ponzi’s are getting a one-two punched. Suckers now have alternatives to seek better returns. Scammers and exploiters now pay to leverage up ponzi run ups.
It is worth noting that the depeg started at a time when liquidity was moving from curve finances ust-3pool to 4pool(Both trading pools of stablecoins). This resulted in much less liquidity for a time which would be perfect time to attack the weakness.
It was always going to blow up though so it is possible this was just a coincidence and all it needed was slightly less liquidity to trigger the run.
This kind of market manipulation does happen all the time in the cryptocurrencies trading world though. That doesn't mean it's the most likely explanation in this case (as there was a literal Ponzi scheme behind all this !), but it's not completely impossible either.
"now peg is being restored naturally via the market module"
:-D
Notice that all algorithmic stable coins essentially work the same way - the coin is issued against another coin acting as collateral. A fall in the value of the collateral will cause forced selling to buy back the stable coin.
They do also work the other way; pumping the value of the collateral as the stable coin can be used to bid up the collateral.
Creating an inherently unstable system that don't really need a conspiracy theory to explain why it will eventually collapse.
> - spread around some fud about peg and bank runs
> - dumped the fuck out of their $3bn $btc on market to trigger wider panic
I'm sorry, but this is deep in /r/wallstreetbets conspiracy territory. The Occam's razor explanation is that the infinite 20% returns Luna/Anchor Ponzi is actually collapsing and that's what's triggering the runs.