UST Depeg Following

This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.

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Do Kwon and the Developers Had a War of Words
KingData News: On June 10, Do Kwon tweeted that there's a lot of misinformation and falsehood out there following depeg incident, and that he will be proactive in communicating with the press to provide right information. Do Kwon said, "There have been many hearsay reports about 'core developers' offering expert interviews about Terra's mechanisms. Open source development is transparent, and I would urge media to check if a single line of code by your "experts" has ever made it into production.” He said, "While TFL intends to continue supporting and building on the Terra 2.0 network, it is not by any means a "TFL-led" chain - we consciously bowed out of airdrop allocations and all the decisions are being made by various community groups, albeit in a rocky fashion." FatMan, a Terra community researcher, countered this, claiming that Do Kwon was lying. "TFL did not bow out of the airdrop - they only did so on their primary publicly-tracked wallets," he replied. In response to the code issue, FatMan claimed that Marco di Maggio, one of Anchor's core researchers, said in an interview with Financial Times that Terra's economic researchers created design and developers published codes, and that there was an obvious difference in-between. Previously, FatMan had revealed that TFL held over $200 million worth of LUNA and that Do Kwon used shadow wallets to manipulate governance. He also posted the addresses of four of TFL's associated wallets on Twitter.
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