通過開創性的見解揭開Terrausd崩潰背後的秘密

在加密貨幣的動態領域，在那里以令人驚訝的速度振盪，Terrausd的跌倒是市場混亂的令人驚嘆的實例。

In the rapidly shifting landscape of cryptocurrency, where fortunes can rise and fall with dizzying speed, the fall of TerraUSD stands as a stunning instance of market chaos.

在加密貨幣的迅速轉移的景觀中，命運可能會以令人眼花speed亂的速度上升和下降，Terrausd的跌倒是市場混亂的一個令人驚嘆的實例。

Over the course of a single night, TerraUSD, a stablecoin once pegged closely to the U.S. dollar, saw its value erode nearly completely, leading to a cascade that pulled down its sister token, LUNA, in an equally swift downfall. Together, the two tokens lost a staggering $3.5 billion in value, leaving the crypto community reeling.

在一個夜晚的過程中，Terrausd曾經與美元緊密地固定的穩定幣幾乎完全侵蝕了其價值，導致喀斯喀特在同樣迅速的下降中撤下了其姐姐令牌Luna。這兩個令牌共同損失了驚人的35億美元價值，使加密貨幣社區捲起。

While the magnitude of this event is undeniable, a recent study by researchers at Queen Mary University of London has peeled back the layers of this enigma further, suggesting that this devastation wasn’t just a byproduct of random market volatility but potentially an orchestrated attack by a small group of traders.

儘管這一事件的規模是不可否認的，但倫敦皇后大學的研究人員最近進行的一項研究進一步剝奪了這一謎的層次，這表明這種破壞不僅是隨機市場波動的副產品，而且有可能受到一小群商人精心策劃的攻擊。

Published in the journal Chaos, Solitons & Fractals, the research focused on the de-pegging of TerraUSD i.e., its divergence from the U.S. dollar, which ultimately triggered a chain reaction that led to the downfall of LUNA.

該研究發表在《混亂，孤子與分形》雜誌上，重點是de terrausd ie，它與美元的差異，最終引發了導致露娜倒台的連鎖反應。

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關鍵見解

The study, which used temporal multilayer graph analysis to visualize the traders’ activities, discovered that just before its downfall, the stablecoin market wasn’t stable at all.

這項研究使用了時間多層圖分析來可視化交易者的活動，發現在其衰落之前，穩定的市場根本不穩定。

Over the course of one month, market activity, which is typically dispersed among hundreds of traders, was concentrated in the hands of a few, who also executed transactions in a synchronized manner.

在一個月的時間裡，通常將數百個交易者分散在市場活動中，集中在少數人手中，他們還以同步的方式執行了交易。

The symmetry of their actions over time was found to be far from random, suggesting that these traders were engaging in a form of coordinated market manipulation.

發現隨著時間的推移，其行動的對稱性遠非隨機，這表明這些交易者正在以一種協調的市場操縱形式參與。

This finding is significant because it suggests that a handful of traders may have skewed the market in an attempt to either profit from the de-stability or de-stabilize the market in order to profit.

這一發現很重要，因為它表明少數交易者可能已經偏向於市場，以試圖從穩定性中獲利或使市場穩定以獲利。

This hidden narrative was unveiled using a sophisticated tool developed in collaboration with Pometry, a university spin-off. This innovation, employing graph network analysis, is more than a forensic tool—it’s a harbinger of greater transparency in an industry often criticized for its opacity.

這種隱藏的敘述是使用與大學分拆合作開發的複雜工具揭幕的。採用圖形網絡分析的這項創新不僅僅是法醫工具，它是經常因其不透明度而受到批評的行業中更高透明度的預兆。

For regulators and investors, the study not only illuminates a past catastrophe but also opens a path to preempting future ones.

對於監管機構和投資者來說，這項研究不僅闡明了過去的災難，而且為未來的災難開闢了道路。

As Dr. Richard Clegg, the study’s lead, from Queen Mary University of London, put it, “Understanding the mechanisms of such attacks better equips us with the knowledge to craft a more robust and transparent financial system.”

正如倫敦皇后大學的研究領導者理查德·克萊格（Richard Clegg）博士所說：“理解這種攻擊的機制使我們更加有助於建立一個更強大，更透明的金融系統。”

The researchers hope that their findings will encourage the development of more effective market surveillance techniques to mitigate the risk of similar events in the future.

研究人員希望他們的發現將鼓勵開發更有效的市場監視技術，以減輕未來發生類似事件的風險。