According to Deep Tide TechFlow news on January 9, as reported by Bitcoin.com, Jacob Gadikian, CEO of blockchain service company Notional Labs, recently disclosed that the collapse of the Terra ecosystem was not solely caused by Do Kwon, but was the result of careful planning by unknown attackers. Flipside data shows that during the UST depegging period, on-chain transaction volume surged sixfold, and a large number of bot trades prevented Terra from restoring the UST dollar peg through its economic model.
Specific analysis shows that the attacker initiated over 70,000 failed transactions through a few addresses, causing congestion in the validator node memory pool (which can only accommodate 5,000 transactions). Gadikian presented a video of the Cosmos hub testnet being attacked, which is highly consistent with the situation during the UST depegging.
Currently, Do Kwon has been extradited to the United States to face cryptocurrency fraud charges. U.S. prosecutors estimate that the Terra collapse caused nearly $50 billion in losses, affecting over 1 million people, and is considered one of the worst disasters in cryptocurrency history. According to Gadikian's assessment, the true perpetrators of this incident are still at large.