Rumors are circulating online that Citadel Capital may be behind the UST crash as Janet Yellen announces a report on stablecoins.
The hedge fund, which is well known for its involvement in the shorting of GameStop in 2021, may now be involved in shorting LUNA and the mass sell-off of UST that started early this week. An unnamed source denied the rumor stating:
“From a factual standpoint, Citadel does not trade stablecoins, including UST.”
The leak comes from an anonymous post online citing that Citadel borrowed 100K BTC and used it to short UST. Critics also note that Janet Yellen recently revealed plans for a stablecoin report.
Yellen hired Citadel to break UST peg so U.S. government can increase regulatory scrutiny on crypto send tweet
— Steven (@Dogetoshi) May 10, 2022
Yellen announced the report since stablecoins “threaten financial stability.” Until the TerraUSD de-pegging, the biggest threat from the point of view of the crypto community was the apparent lack of trans
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