10 Comments
User's avatar
jdelgadoparra.crypto's avatar

Brilliant essay! Modern day raiders will be created by this new market #ivanboesky #michaelmilken #barbariansatthegate

Alex's avatar

Absolutely wild article. Wish I understood more about how algo stables keep their peg and the pools. Guess I better start reading

Ev's avatar

Hey! Great read! What do you mean by the curve liquidity was drained? How was this achieved?

Onchain Wizard's avatar

Basically selling $UST for USDC/USDT/DAI

x600k's avatar

@Evan Blair the thing about curve pool is that, it is designed to maintain the peg between participants by the help of arb bots. But here the attacker/exploiter (like to call this as a social exploit) just outrightly sold his $UST big bag in order to take out other stables out of the pool. this creates vaccum and thus depeg. In short they targeted onchain depeggin first, pushing the LFG to further withdraw from the pool. the whole situation is a mess.

Ev's avatar

Thanks for the response guys very helpful 👍

TuataraClassic's avatar

Discord Server still coming Wizard?

Onchain Wizard's avatar

I've been busy with the analytics tool, so won't be able to dedicate time to the discord yet. Also don't want to be chatting ab projects I like and then they go down another -80% from here. So a mixture of waiting for the environment to improve and don't currently have the time to be active in the discord.

TuataraClassic's avatar

Understood. Thanks for the reply.