Terraform Labs Reveal Who Was Behind the UST Depeg and $40 Billion Collapse

Last year in mid-2022, the Terra (LUNA) ecosystem faced a brutal collapse eroding $40 billion of investors’ money. In an interesting revelation, Terraform Labs said that the massive de-peg of its UST stablecoin wasn’t an algorithmic failure. Instead, it blames Citadel Securities for its role in a “concerted, intentional effort” to cause the depreciation of the stablecoin.