Terra Collapse Attributed To Unknown Attacker, Not Founder

According to Odaily, Jacob Gadikian, CEO of blockchain service company Notional Labs, recently revealed that the collapse of Terra and the de-pegging of UST from the US dollar were not solely caused by the project's founder, Do Kwon. Instead, Gadikian claims that an unidentified attacker is the true culprit behind the fraud, who remains at large. He highlighted that validators were attacked, leading to the manipulation of millions of people without cause. Gadikian also released a video demonstrating an attack on the Cosmos Hub security test network, which produced effects similar to those that led to the UST de-pegging. Other investigators support Gadikian's claims, noting that during the de-pegging, a significant number of bot transactions prevented Terra from restoring UST's dollar peg through its economic model, causing on-chain transaction volume to surge sixfold.