According to ChainCatcher, Notional Labs CEO Jacob Gadikian said that the Terra collapse and UST decoupling were caused by anonymous attacks, not by founder Do Kwon.
Gadikian said the attacker compromised the Terra blockchain in an attempt to disrupt UST’s $1 peg and profit from arbitrage. Hundreds of millions of validators were manipulated in the attack.
Other investigators agree with Gadikian, pointing out that the six-fold increase in transaction volume during the decoupling period was caused by bots. The attack was orchestrated by several addresses and carried out more than 70,000 transactions, all of which failed, clogging the network.
Although Do Kwon has been extradited to the United States for fraud, Gadikian believes the mastermind behind the scheme has yet to be identified.