"Wallet A", Which Caused $UST Depeg, May Belong to Jane Street

"Wallet A", Which Caused $UST Depeg, May Belong to Jane Street

Igor Igamberdiev, Head of Research at Wintermute, said on Twitter that "Wallet A", which played a large role in $UST's depeg last year, may be related to trading firm and liquidity provider Jane Street. At the time, the wallet swapped 85m $UST for $USDC and imbalanced the UST/3CRV Curve pool.

According to Igor Igamberdiev, on May 3rd, 2022, Clearpool announced that Jane Street borrowed 25m $USDC from its lending pool, which made it possible for him to identify a wallet address of Jane Street. Two weeks later, the wallet borrowed another $25m and deposited the money into a Coinbase wallet. This Coinbase wallet received 84.5m $USDC, which caused $UST's depeg, from "Wallet A" before it received the $25m from the Jane Street wallet. Apart from the two deposits, the Coinbase wallet had no other interactions. "Therefore, they are highly likely to belong to the same entity." said Igor Igamberdiev.

The researcher also said, "given that Wallet A had their $UST on Anchor for a month, it wouldn't necessarily mean that Jane St. had malicious intent."

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