UST’s Depeg Likely Caused by Seven Well Funded Terra Wallets – Nansen Report

Summary: A report by Nansen has concluded that UST’s depegging was likely kickstarted by seven well-funded wallets within the Terra ecosystem. The wallets withdrew UST from Anchor on Terra, bridged the funds to Ethereum via Wormhole, and swapped significant amounts of UST to other stablecoins in Curve’s liquidity pool. As the UST depeg happened, the wallets likely arbitraged inefficiencies between pricing on Curve, DEXs, and CEXs. The report also refutes that UST’s depegging was carried out by attackers or hackers. […]