通过开创性的见解揭开Terrausd崩溃背后的秘密

在加密货币的动态领域，在那里以令人惊讶的速度振荡，Terrausd的跌倒是市场混乱的令人惊叹的实例。

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.

在加密货币的迅速转移的景观中，命运可能会以令人眼花speed乱的速度上升和下降，Terrausd的跌倒是市场混乱的一个令人惊叹的实例。

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.

在一个夜晚的过程中，Terrausd曾经与美元紧密地固定的稳定币几乎完全侵蚀了其价值，导致喀斯喀特在同样迅速的下降中撤下了其姐姐令牌Luna。这两个令牌共同损失了惊人的35亿美元价值，使加密货币社区卷起。

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.

尽管这一事件的规模是不可否认的，但伦敦皇后大学的研究人员最近进行的一项研究进一步剥夺了这一谜的层次，这表明这种破坏不仅是随机市场波动的副产品，而且有可能受到一小群商人精心策划的攻击。

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.

该研究发表在《混乱，孤子与分形》杂志上，重点是de terrausd ie，它与美元的差异，最终引发了导致露娜倒台的连锁反应。

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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.

这项研究使用了时间多层图分析来可视化交易者的活动，发现在其衰落之前，稳定的市场根本不稳定。

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.

在一个月的时间里，通常将数百个交易者分散在市场活动中，集中在少数人手中，他们还以同步的方式执行了交易。

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.

发现随着时间的推移，其行动的对称性远非随机，这表明这些交易者正在以一种协调的市场操纵形式参与。

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.

这一发现很重要，因为它表明少数交易者可能已经偏向于市场，以试图从稳定性中获利或使市场稳定以获利。

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.

这种隐藏的叙述是使用与大学分拆合作开发的复杂工具揭幕的。采用图形网络分析的这项创新不仅仅是法医工具，它是经常因其不透明度而受到批评的行业中更高透明度的预兆。

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

对于监管机构和投资者来说，这项研究不仅阐明了过去的灾难，而且为未来的灾难开辟了道路。

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.”

正如伦敦皇后大学的研究领导者理查德·克莱格（Richard Clegg）博士所说：“理解这种攻击的机制使我们更加有助于建立一个更强大，更透明的金融系统。”

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.

研究人员希望他们的发现将鼓励开发更有效的市场监视技术，以减轻未来发生类似事件的风险。