Notional Labs CEO Jacob Gadikian recently disclosed that the collapse of the Terra ecosystem was not solely caused by Do Kwon, but rather stemmed from a carefully orchestrated attack by unknown attackers. According to Flipside data, during the UST depegging, on-chain trading 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 attackers 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 showcased a video of the Cosmos hub testnet being attacked, which closely resembled the situation during the UST depegging. According to Gadikian's assessment, the true orchestrator of this event is still at large.