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There Was No Terra 'Attack'
- aaaaaaaaata 4y agoHot take: doesn't matter. If your security relies on not being attacked, you're not in a good spot.
- timothyduong 4y agoOne of the things I don't get from the people that are jumping up and down over it, blaming the 'attackers'. If your whole system (whatever it is) because there's some bad actors then your system is frail and needs to be fixed.
- guiambros 4y agoThe two perspectives are not at odds. If there was an attack, someone potentially made hundreds of millions of dollars in profit [1] at the expense of many small investors, in a clear attempt to manipulate the market and defraud investors. That's market manipulation and it's a financial crime, so it should be criticized and investigated. At the same time, of course Terra and Do Kwon deserve the blame for creating an algorithmic stablecoin that was flawed and susceptible to market manipulation (just like many folks have long predicted) [2]. More importantly, there's a complete lack of transparency on the timeline of events during the week of the crash, and how individuals with internal information acted with their own personal funds invested in Anchor/Luna/UST. That should also be investigated. [1] https://twitter.com/OnChainWizard/status/1524123935570382851 https://twitter.com/OnChainWizard/status/1524123935570382851 [2] https://www.youtube.com/watch?v=HGJVHNFXl4s https://www.youtube.com/watch?v=HGJVHNFXl4s
- chii 4y ago> That's market manipulation and it's a financial crime, so it should be criticized and investigated. not all market manipulation is a financial crime. Soros breaking the Bank of England is a form of manipulation, but not illegal. Just like how Melvin capital (the hedge fund in the GME shorting saga) failing due to wallstreetbets people pumping GME stock and causing a short squeeze - that's manipulation, but not a financial crime.