FatManTerra alleged on Dec. 6 that the root cause of Terra’s UST implosion was Terraform Labs’ (TFL) dumping of over $450 million UST on the open market over three weeks before the ecosystem collapsed.

On-chain evidence shows that TFL dumped over $1 billion UST by selling on Curve or transferring to Binance. The researcher was able to uncover this because all the transfers originated from the TFL Curve Bot 2 address that was also mentioned in the independent audit it released.

(by Oluwapelumi Adejumo)