/biz/ - Business & Finance

>>56603707
>which in turn caused TFL to mass sell off their BTC reserves in an effort to defend the peg,

Normie take. The BTC reserves were put up the kimchi keister.

>>54313738
Remember: LFG's 90k Bitcoin reserve (((used to defend the UST peg))) actually ended up in Do Kwon's private wallet.

LUNChads will rise.

>>53131253
Correct.

>>51052357
Truth is kid, DK knew it wasn't from the start.

>>50526754
basically burning luna was supposed to raise the price of ust through magic corean algorithms. whenever the price of ust went below peg the algo would print luna so people could burn it to repeg ust. redditors thought this was the coolest idea ever and dumped their life savings into luna. fast forward to may 2022. ust got mega shreked so the algo did what it was programmed to do when ust lost value and printed zillions of luna. this is common knowledge.

what is not common knowledge is do kwon is responsible for ust getting heemed. dk claims his company used 90+ btcs held in reserve to attempt to prop up ust. however blockchain data shows the "company reserve used to save ust" was actually tumbled around and ended up in dks personal wallet.