@generous 15 May 2022

Behind the scenes of the #LUNA scandal! The story of the collapse! ✔︎ It was reported in a previous statement that $10 billion worth of #Bitcoin would be purchased in order to support the #UST as a reserve by the non-profit Luna Foundation, which was established to support the Terra ecosystem. In this context, the Luna Foundation purchased 80,394 Bitcoins worth 3.5 billion dollars in the January and May period. The stability of the IHR, which was guaranteed by the Luna Foundation as 1 dollar, was broken on 9 May. The foundation sold all of its Bitcoins in order for UST to reach the $ 1 level again, and this triggered the leading coin to drop to the level of $ 26 thousand. It was found that the Luna Foundation moved 52,189 Bitcoin to an account on the US-based cryptocurrency exchange #Gemini on May 9 with a few transactions. After the Bitcoin transfer on May 9, it was stated that 28 thousand 205 Bitcoins remaining in the hands of the foundation were transferred to the #Binance stock market with a single transaction on May 10. Thus, the foundation started to sell the Bitcoins it held on 2 exchanges. The price of Bitcoin, which saw intense sales in a short time, fell below 30 thousand dollars. After this development, the leading coin fell to $ 26 thousand 700 on May 12, with the investors in the market panic selling, and saw its lowest level since December 2020. However, despite all this, the Luna Foundation was unable to prevent the UST from breaking down. UST price dropped as low as $0.03720 on Friday. With the printing of LUNAs, which were used as reserves after the depreciation in the UST, the amount of LUNA in the market became abundant. With each minted new LUNA, a sharp decline was seen in the price of the coin as the supply increased. LUNA, which stood at $120 in April, fell as low as $0.00000112 last Friday as the stability of UST broke down.