The wallet was identified and labeled as 'Wallet A (T)'.
#STABLECOIN DEATH SPIRAL FULL#
This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full c The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. Wallet A received all of its capital from Terra MainnetĪ mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. As the security team is unable to determine who is behind the wallet at Coinbase, the source of capital was investigated. The $85 million UST that was swapped for USDC was transferred to Coinbase. Nothing is more liquid than cash, while other assets represent.In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price.
Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself. The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. "Moreover, Wallet A had transferred $108 million in UST to Binance earlier in the day, and these transfers coincided with elevated trading volumes at Binance and the worsening liquidity (This was the largest swap transaction in that particular Curve pool ever.) Such an action pushed the Curve pool out of balance again. "At 21:57, a relatively-inactive account ('Wallet A') swapped $85 million UST for USDC in this pool.
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