 | Interesting analyst by lookonchain on what exactly caused this to happen earlier today. About 12 hours ago, whale"0x3356" created a new address to deposit 52.5M USDC and borrowed 40M USDT on AAVE and Compound. He then started depositing 40M USDT into Coinbase and Kraken 6 hours ago. USDT started depegging after whale "0x3356" deposited USDT to exchanges. And whale"0x3356" withdrew 25M USDC from Coinbase 4 hours after depositing USDT. etherscan.io/address/0x33566c9d8be6cf0b23795e0d380e112be9d75836#tokentxns And about 5 hours ago, 2 whales sold a total of 9.6M USDT at a similar time. After USDT depegged, CZSamSun shorted USDT on Aavev2 4 hrs ago. Whale "0xd275" started to borrow USDC from Aave and Compound and bought USDT for arbitrage after CZSamSun shorted USDT. This address could very will be owned by Tether. USDT started back to the peg. But due to multiple FUDs, whales kept dumping USDT. Which caused USDT to depeg further. With the reduction of FUDs, arbitrageurs began to buy USDT for arbitrage, and USDT gradually starting to return it to peg. Does wallet "0xd275" belong to Tether? It withdrew 50K ETH ($81.8M) from Bifinex 2 hrs ago and deposited to Compound. Then borrowed 59M USDC from Compound to buy USDT and tried to get USDT back to the peg. USDT seems to be back on track now, but im sure it caused some panic. Basically just whales doing whale things. Its just intresting how fragile the crypto market still is. [link] [comments] |
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