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https://cryptoslate.com/more-bad-news-for-terra-as-fresh-allegations-emerge-about-mirror-protocol/ [cryptoslate com]
Seems to claim that someone involved in #Terra / #Luna knew about a protocol flaw and took advantage of it to defraud other Terra investors over a yearlong period.
Does this mean that there were no external attackers, just greedy insiders who collapsed the algorithmic #stablecoin?
If that is the case, this isn't just a #cryptocurrency thing. There are regulated financial institutions (e.g., savings banks, commercial banks, investment banks, REITs, mutual funds, and more) where insiders divert funds into their own hands. Many of the ones that get caught are eventually prosecuted, but by no means all.
It sounds analogous to the claims made around the collapse of the MTGOX exchange several years ago, but there are likely some similarities to the Wells Fargo scandal from a few years back as well.