FTX在Luna/Ust Depeg和Crash中起着作用吗？

FTX是否参与LUNA/UST DEPEG和2022年5月崩溃的问题是一个复杂的问题，没有明确的证据，但很多猜测

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是否参与Luna/Ust Depeg和2022年5月崩溃的问题是一个复杂的问题。目前还没有明确的证据，但是有很多猜测和一些间接证据。

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.

发生了什么事：Terra生态系统，其算法Stablecoin UST和本地令牌Luna崩溃了，因为UST失去了1美元的钉子，启动了死亡螺旋，该死亡螺旋式耗尽了大约400亿美元的市场价值。这始于2022年5月7日左右，当时UST的大量抛售（从锚点协议中不储存到20亿美元）开始出现恐慌。由于系统的薄荷和燃烧机制无法应付压力，Luna的价格从80美元到一分分的分数。

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.

现在，FTX进来了？在2022年11月，FTX自身崩溃之后，据报道，美国检察官正在研究FTX的创始人Sam Bankman Fried（SBF）和他的对冲基金Alameda Research是否在Terra的倒台中发挥了作用。理论是他们可以操纵市场以从崩溃中获利 - 也许是通过短路或建立交易来破坏UST的稳定。

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.

一些链上的耳语 - 例如X上的加密分析师，以前的Twitter，声称FTX和Alameda从流动性池中汲取了大量的UST（例如，在一个脆弱的时刻，每位摄氏2亿美元）。这可能会加速Depeg。 Terra的创始人Do Kwon也于2021年2月与Alameda牵涉到Alameda，出售了5亿UST来排出曲线池，后来，5月，短暂的比特币以削弱Luna Foundation Guard的储备。

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.

但这是捕获：目前还没有吸烟枪。这些是2022年末的早期报道，没有直接将FTX命名为编排者。

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，根据Nansen 2022年5月报告的区块链分析，DEPEG不是单人攻击，而是一系列事件 - 链接链接链（例如5月7日的USDC 8500万UST），而在诸如二氧化碳和FTX等主要集中式交流中进行了低流动性。

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