Analysts have investigated the Terra Luna crash of May 2o22 which shook the crypto industry. According to reports gathered, the suspects are said to be in house jobs.
An investigation by some financial watchdogs into the collapse of LUNA and UST has been traced to the Terra company.
New findings implicate the firm, implying the de-peg was an inside job. A wallet associated with the de-peg of TerraUSD likely belongs to Terraform Labs.
The US Securities and Exchange Commission (SEC) and South Korean authorities aided the investigation which led to huge fall in the crypto space. Terraform Labs, the company behind the tokens as well as co-founder, Do Kwon were not left out in the findings.
An investigation by Uppsala Security, Decentralized Solutions for Cyberspace Security Technology, revealed that Terraform Labs managed the wallet behind the attack.
A wallet associated with the de-pegging of algorithmic stablecoin UST has been identified and labeled as “Wallet A.”
The firm suspects that said wallet has a link to Terraform Labs. A wipeout of nearly $40 billion in market value after the LUNA-UST collapse was stated as an inside job. Terraform lab was implicated in an address during the findings.