It appears in their loan book. They stopped 25 000 for bitcoin into usc. This was all done quietly in anticipation of the attack when the time was right. They called up dokwan at tara foundation and said they wanted to sell a lot of bitcoin for ust, as it was a large trade. They told him. They wouldnt want to move the market and asked if he would like to buy their large block of btc at a discount for ust dokwan took the bait. He gave them a huge chunk of usd, thus lowering the ust liquidity significantly. At that point, blackrock and citadel dumped all the btc and ust, causing massive slippage and triggering a cascade of for selling in both assets. The real problem was blackrock citadel knew that anchor, which holds a lot of luna, was a ponzi scheme. They offer 20 staking apy for christs stake, and this crash would trigger more withdrawals than anchor can repay these forced withdrawals and selling would trigger a massive sell off in luna, thus further breaking the one dollar peg and wrecking the market. Further blackrock and citadel can now buy the btc back cheaply to repay the loan and pocket the difference. Meanwhile, billions of longs and bitcoin var were wiped out. This was pure market manipulation, thats just fucking wild, so basically they swapped 25 000 btc for ust, and then they had a chunk of 75 000 bitcoin and they used a portion of that to get even more ust.

So it all started from a loan from gemini because they just have to give gemini back a hundred thousand. That is fucking diabolical okay. So let me better explain how this happened. I think i have my mind wrapped around how citadel and blackrock pulled this off. So, basically, blackrock and citadel, it sounds like got on the phone with each other and theyre, like hey anchor protocol, which is basically a bank for tara luna, where people were storing all their money to get 18 theyre like we think its a pyramid scheme. We think its like really at risk and we think we can make it plummet so theyre, like okay cool. How can we make money off of that? So it sounds like blackrock citadel called up gemini and said: hey. We need to borrow a hundred thousand bitcoin and they said cool so right now, at this point in time, blackrock and citadel had a thesis that anchor was bullshit and they could somehow tank it to do so. They borrowed a hundred thousand btc from gemini, which means at the end of the day they need to return a hundred thousand btc to gemini, with that hundred thousand that they got in the loan. They converted a quarter of it to ust, which is the sister coin. To luna, then they took the other 75 000 or actually a portion of that and said: hey dokwan well give this to you at a discount just give us more ust.

He said oh cool youre, going to give me bitcoin at a discount. Why not so right now, blackrock and citadel were massive massive owners of ust and because they were big owners of it. That means that they were really dropping the liquidity of ust, because if they refuse to trade that has to drop you like liquidity and they own a big big chunk of it. At this point, you had dokwan, who runs the lfg, the luna foundation guard uh. He ended up taking the bait thats exactly what was said right here. Dokwan took the bait. He gave them a huge chunk of ust. They lowered the liquidity. So now, blackrock and citadel are the owners at that point. They started selling they dumped all the btc and usd causing massive slippage, so they thought it was near a cliff and theyre like okay. If we can get a big chunk, we can sell all this because remember they got that loan from gemini. They could push it over the edge and thats exactly what happened uh and then this caused many other people to sell and all they have to do is as it drops and drops and drops. They just need to get their hundred thousand bitcoin back at a cheaper price and then just return that to gemini, and they can capture the difference, because if you sell bitcoin or luna or whatever at a higher value, you have that money. And then, when you buy it back at a cheaper price, youre pocketing the difference uh that is fucking devious, but also was that brings up.

The question was anchor protocol. A ponzi scheme, the real problem with blackrock and citadel, knew that anchor, which holds a lot of luna, was a ponzi scheme. So, basically, if it is if, if, if i am not an expert on anchor protocol but im just saying if they took advantage of like they saw a ponzi scheme, if it is a legitimate ponzi scheme, i dont know thats a tough philosophical question. The crash would trigger the force, withdrawals and selling would trigger a massive selloff in luna, thus further breaking the dollar peg and wrecking the market further blackrock and citadel now by the btc back cheaply to repay the loan and pocket the difference. Meanwhile, billions of longs and bitcoin var were wiped out. This was pure market manipulation. The issue here really is like. Okay. If anchor protocol is a ponzi scheme which i dont know, i didnt really mess around with anchor protocol ever uh. That deserved to come to an end, but the way it was executed is it had massive massive ramifications on the rest of really the crypto sphere, including bitcoin. So there were people who were impacted by citadel and blackrocks decisions that had nothing to do with the ust peg or luna whatsoever. Uh thats thats wild its hard to see how that isnt manipulation like you would have to do a lot of mental gymnastics. To argue that it isnt, it just seems so.