Crypto Drama Unfolds: Zhu Su Accuses SBF of Sabotaging LUNA and 3AC; SBF Denies Allegations

In the past, the "genius founders" of the cryptocurrency circle, who once wielded great influence, continue to showcase their charisma even after bankruptcy, resembling a crypto version of cross-talk.

Terra founder Do Kwon, citing a report from The New York Times on the 8th, indirectly pointed to Alameda for the UST decoupling. Do Kwon stated that it was widely known that the reason behind UST's significant tightening in February 2021 was because Alameda withdrew over $500 million in liquidity from Curve within 5 minutes.

Furthermore, Do Kwon mentioned that Alameda had recently borrowed $1 billion worth of UST from Genesis Trading for shorting. After the UST decoupling, they also borrowed over $100 million and $1 billion worth of BTC from Voyager and other institutions for shorting. (Terra's reserves used for stabilization are mostly in BTC)

3AC founder Zhu Su continued the revelations, similarly stating that SBF was the final straw that broke 3AC's back.

In short, 3AC had approximately $200 million in exposure to LUNA and UST. At the time, 3AC's asset management amounted to $4 billion, so it was not a massive blow. However, the LUNA incident did cause severe run on 3AC; lenders began to call back loans, and many tokens plummeted by over 40%. Despite being severely wounded, 3AC managed to persevere.

The final blow came when FTX Exchange's positions were targeted. He suggested that after Alameda saw 3AC's positions on FTX, they borrowed a large amount of tokens to short, leading to their liquidation and eventual bankruptcy.

SBF: "I did not do it."

In response to the accusations, SBF stated that he did not engage in the alleged activities:

"Although I have made many mistakes this year, I did not do these things. The reason you can't provide evidence is that these things never happened. Please pay more attention to your own affairs."

Zhu Su responded by saying that it is up to the judiciary to decide.

Previously disclosed to the media but ignored

Zhu Su stated that he had disclosed the matter to the media afterwards, but most media outlets were afraid of retaliation or losing the opportunity to interview SBF, so they suppressed the report.

Furthermore, after the former CEO of The Block loaned $34 million to SBF, Zhu Su also mentioned that the media outlet was fully owned by SBF, and SBF was also a major source of exclusive news for that media outlet.

However, he also expressed confidence in The Block's research team, believing that they can have better development after the departure of the former CEO.

Personal Opinion

The following represents personal opinions.

The essence of cybersecurity is being able to defend against both well-intentioned and malicious attacks. However, the three parties involved seem to be busy finding the final straw rather than examining whether their mechanisms have any issues.

Although the three parties have differing opinions, they all seem quite similar in their willingness to spend a lot of time blaming others.