FTX在Luna/Ust Depeg和Crash中起著作用嗎？

FTX是否參與LUNA/UST DEPEG和2022年5月崩潰的問題是一個複雜的問題，沒有明確的證據，但很多猜測

The question of whether FTX was involved in the Luna/UST depeg and crash in May 2022 is a complex one. There’s no definitive proof yet, but there’s plenty of speculation and some circumstantial evidence.

FTX是否參與Luna/Ust Depeg和2022年5月崩潰的問題是一個複雜的問題。目前還沒有明確的證據，但是有很多猜測和一些間接證據。

Here’s what happened: The Terra ecosystem, with its algorithmic stablecoin UST and native token LUNA, collapsed spectacularly as UST lost its $1 peg, kicking off a death spiral that wiped out around $40 billion in market value. This started around May 7, 2022, when massive sell-offs of UST—over $2 billion unstaked from the Anchor Protocol—were seen, kicking off panic. LUNA's price went from $80 to fractions of a cent as the system's mint-and-burn mechanism couldn't handle the pressure.

發生了什麼事：Terra生態系統，其算法Stablecoin UST和本地令牌Luna崩潰了，因為UST失去了1美元的釘子，啟動了死亡螺旋，該死亡螺旋式耗盡了大約400億美元的市場價值。這始於2022年5月7日左右，當時UST的大量拋售（從錨協議中不儲存到20億美元）開始出現，引起了恐慌。由於系統的薄荷和燃燒機制無法應付壓力，Luna的價格從80美元到一分分的分數。

Now, where does FTX come in? After FTX’s own collapse in November 2022, U.S. prosecutors are reportedly looking into whether Sam Bankman-Fried (SBF), FTX’s founder, and his hedge fund Alameda Research might have played a role in Terra’s downfall. The theory is they could have manipulated markets to profit from the crash—perhaps by shorting LUNA or setting up trades to destabilize UST.

現在，FTX進來了？在2022年11月，FTX自身崩潰之後，據報導，美國檢察官正在研究FTX的創始人Sam Bankman Fried（SBF）和他的對沖基金Alameda Research是否在Terra的倒台中發揮了作用。理論是他們可以操縱市場以從崩潰中獲利 - 也許是通過短路或建立交易來破壞UST的穩定。

Some on-chain whispers—like crypto analysts on X, previously Twitter, claim FTX and Alameda pulled massive amounts of UST from liquidity pools (e.g., $200 million each with Celsius at a vulnerable moment). This could have sped up the depeg. Do Kwon, Terra's founder, also implicated Alameda in February 2021 with the sale of 500 million UST to drain Curve pools and later, in May, shorting Bitcoin to weaken Luna Foundation Guard's reserves.

一些鏈上的耳語 - 例如X上的加密分析師，以前的Twitter，聲稱FTX和Alameda從流動性池中汲取了大量的UST（例如，在一個脆弱的時刻，每位攝氏2億美元）。這可能會加速Depeg。 Terra的創始人Do Kwon也於2021年2月與Alameda牽涉到Alameda，出售了5億UST來排出曲線池，後來，5月，短暫的比特幣以削弱Luna Foundation Guard的儲備。

But here’s the catch: there’s no smoking gun yet. These were early-stage reports in late 2022, and no final findings have directly named FTX as the orchestrator.

但這是捕獲：目前還沒有吸煙槍。這些是2022年末的早期報導，沒有直接將FTX命名為編排者。

Also, according to blockchain analytics like Nansen's May 2022 report, the depeg wasn't a single-player attack but a cascade of events—huge swaps on-chain (like 85 million UST for USDC on May 7) and low liquidity on major centralized exchanges like Binance and FTX contributed.

此外，根據Nansen 2022年5月報告的區塊鏈分析，DEPEG不是單人攻擊，而是一系列事件 - 鏈接鏈接鏈（例如5月7日的USDC 8500萬UST），而在諸如二氧化碳和FTX等主要集中式交流中進行了低流動性。

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