### Terra Crash Mastermind Exposed#
Hot Topic Overview
Overview
The mastermind behind the Terra collapse remains shrouded in mystery. Jacob Gadikian, founder of Notional Labs, suggests the crash of Terra's algorithmic stablecoin may have been the result of a coordinated attack. An unidentified third party targeted the Terra blockchain, disrupting the 1 UST peg and profiting from arbitrage opportunities. The attackers initiated over 70,000 failed transactions through a handful of addresses, causing congestion in the validator nodes' memory pool, hindering Terra's ability to restore its UST peg. While investigations are ongoing, the true culprits remain at large. Meanwhile, Terra founder Do Kwon faces extradition to the United States on charges of orchestrating a fraud that resulted in nearly $50 billion in losses.
Ace Hot Topic Analysis
Analysis
The mastermind behind the Terra collapse has been exposed, with Notional Labs founder Jacob Gadikian pointing out that the crash of Terra's algorithmic stablecoin was not solely the work of Do Kwon, but rather a carefully orchestrated coordinated attack by an unidentified third party. The attackers launched over 70,000 failed transactions from multiple addresses, causing congestion on the Terra network, preventing validator nodes from operating properly, and ultimately leading to UST's de-pegging. The attackers used bot trading to profit massively during UST's de-pegging and hindered Terra's ability to restore its UST peg. Gadikian also showcased a video of a Cosmos hub security testnet being attacked, which closely mirrored the situation during UST's de-pegging. Currently, the real culprits remain at large, while Terra founder Do Kwon faces extradition to the United States to face investigation for orchestrating the fraud that resulted in nearly $50 billion in losses.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Terra's collapse may have been caused by a coordinated attack orchestrated by an unknown third party.
The attackers used a large number of bot transactions to prevent Terra from restoring the UST dollar peg through its economic model.
The attackers initiated over 70,000 failed transactions from a small number of addresses, causing congestion in the validator node memory pool.
Terra's collapse was not solely caused by Do Kwon, the real mastermind is still at large.