A new study by Uppsala Security attempts to trace the funds that caused the collapse.
The focus of the study is to reveal who is behind 'Wallet A'.
New research suggests one of the active wallets (dubbed 'Wallet A') may be linked to Terra Labs or the Luna Guard Foundation (LFG). Prior blockchain analytics study highlighted the 7 main wallets that contributed to the collapse of Terra Luna.
Jump Crypto released a postmortem analysis, detailing what occurred that led to UST de-pegging from the US Dollar. Other blockchain analytics platform analysis, suggest that Celsius may have been involved, is also available.
The most interesting part of the postmortem of Terra Luna is surrounding the mysterious 'Wallet A'.
Wallet A Actions
"At 21:44 GMT, Terraform Labs (TFL) withdrew $150 million in UST liquidity. This made the Curve pool relatively balanced, but much smaller.
"At 21:57, a relatively-inactive account ('Wallet A') swapped $85 million UST for USDC in this pool. (This was the largest swap transaction in that particular Curve pool ever.) Such an action pushed the Curve pool out of balance again.
"Moreover, Wallet A had transferred $108 million in UST to Binance earlier in the day, and these transfers coincided with elevated trading volumes at Binance and the worsening liquidity at Curve."
Jump Crypto noted that they are unable to determine who is behind 'Wallet A'. Although, new research made some discoveries on 'Wallet A'.
Wallet A
A study by Uppsala Security attempts to unravel who may be behind the wallet that caused severe damage to Terra Luna ecosystem.
The $85 million UST that was swapped for USDC was transferred to Coinbase. As the security team is unable to determine who is behind the wallet at Coinbase, the source of capital was investigated.
Wallet A received all of its capital from Terra Mainnet using the Wormhole:
The team continued investigating and may have found a possible link between the wallets to Terra Labs and LFG. It is stressed that "these accounts may be directly or indirectly controlled by the same or related entities, such as TFL or LFG."
LuncDAO that is mentioned in the investigation threatened a lawsuit for commercial defamation:
"Today Cybersecurity Firm UPPSentinel published an article defaming us. If we are not sent a $250K $USD settlement for commercial defamation within 28 days, our lawyers will undertake immediate legal action. We will use this money to buy + burn $LUNC."
Ben Samocha, the Co-Founder of CryptoJungle and CryptoTalks shares his views on Terra Luna and Luna 2.0.
What are your thoughts on the collapse of Terra Luna?
"The Terra Luna collapse was, in my belief, an obvious thing that was about to happen sooner or later. While educating my community in Israel, I shared with them why the TerraUSD & LUNA model is ponzi-like, whether if intended to be so or not, and why I believe it will fail.
"Never have I expected it to happen so soon and so fast, but it narrows down to the bottom line: if the federal reserve’s fed funds rate was 0% (or close to it), how can one offer a 20% yield on an alleged pegged USD? It can only be done via a. someone paying for it, whether the company (i.e. Terraform Labs / Luna Foundation Guard) or new investors piling it (ponzi-like), or by taking enormous risks to try to obtain these yields via the open markets, which we know wasn’t the case."
What are your thoughts on the research that possibly ties LFG or Terra Luna Labs to the chain of events?
"It wouldn’t surprise me to learn that [it] is indeed correct. The on-chain analysis of the research seems legitimate. This whole situation is very confusing, to be honest, and is lacking transparency which is why it is hard to comment."
What are your expectations from Luna 2.0, how do you see it trading in 3 years from now?
"I believe LUNA 2.0 is a joke and an insult to the investors who were hurt by this incident. The entire value proposition of LUNA itself was built around the UST ponzi, which obviously doesn’t exist in the 'new' protocol.
"I also believe investors and network participants have completely lost their trust in the network, and that it is irresponsible of exchanges and brokers to even allow the trading of this new coin and not simply a market just to get rid of it ASAP."
New research suggests one of the active wallets (dubbed 'Wallet A') may be linked to Terra Labs or the Luna Guard Foundation (LFG). Prior blockchain analytics study highlighted the 7 main wallets that contributed to the collapse of Terra Luna.
Jump Crypto released a postmortem analysis, detailing what occurred that led to UST de-pegging from the US Dollar. Other blockchain analytics platform analysis, suggest that Celsius may have been involved, is also available.
The most interesting part of the postmortem of Terra Luna is surrounding the mysterious 'Wallet A'.
Wallet A Actions
"At 21:44 GMT, Terraform Labs (TFL) withdrew $150 million in UST liquidity. This made the Curve pool relatively balanced, but much smaller.
"At 21:57, a relatively-inactive account ('Wallet A') swapped $85 million UST for USDC in this pool. (This was the largest swap transaction in that particular Curve pool ever.) Such an action pushed the Curve pool out of balance again.
"Moreover, Wallet A had transferred $108 million in UST to Binance earlier in the day, and these transfers coincided with elevated trading volumes at Binance and the worsening liquidity at Curve."
Jump Crypto noted that they are unable to determine who is behind 'Wallet A'. Although, new research made some discoveries on 'Wallet A'.
Wallet A
A study by Uppsala Security attempts to unravel who may be behind the wallet that caused severe damage to Terra Luna ecosystem.
The $85 million UST that was swapped for USDC was transferred to Coinbase. As the security team is unable to determine who is behind the wallet at Coinbase, the source of capital was investigated.
Wallet A received all of its capital from Terra Mainnet using the Wormhole:
The team continued investigating and may have found a possible link between the wallets to Terra Labs and LFG. It is stressed that "these accounts may be directly or indirectly controlled by the same or related entities, such as TFL or LFG."
LuncDAO that is mentioned in the investigation threatened a lawsuit for commercial defamation:
"Today Cybersecurity Firm UPPSentinel published an article defaming us. If we are not sent a $250K $USD settlement for commercial defamation within 28 days, our lawyers will undertake immediate legal action. We will use this money to buy + burn $LUNC."
Ben Samocha, the Co-Founder of CryptoJungle and CryptoTalks shares his views on Terra Luna and Luna 2.0.
What are your thoughts on the collapse of Terra Luna?
"The Terra Luna collapse was, in my belief, an obvious thing that was about to happen sooner or later. While educating my community in Israel, I shared with them why the TerraUSD & LUNA model is ponzi-like, whether if intended to be so or not, and why I believe it will fail.
"Never have I expected it to happen so soon and so fast, but it narrows down to the bottom line: if the federal reserve’s fed funds rate was 0% (or close to it), how can one offer a 20% yield on an alleged pegged USD? It can only be done via a. someone paying for it, whether the company (i.e. Terraform Labs / Luna Foundation Guard) or new investors piling it (ponzi-like), or by taking enormous risks to try to obtain these yields via the open markets, which we know wasn’t the case."
What are your thoughts on the research that possibly ties LFG or Terra Luna Labs to the chain of events?
"It wouldn’t surprise me to learn that [it] is indeed correct. The on-chain analysis of the research seems legitimate. This whole situation is very confusing, to be honest, and is lacking transparency which is why it is hard to comment."
What are your expectations from Luna 2.0, how do you see it trading in 3 years from now?
"I believe LUNA 2.0 is a joke and an insult to the investors who were hurt by this incident. The entire value proposition of LUNA itself was built around the UST ponzi, which obviously doesn’t exist in the 'new' protocol.
"I also believe investors and network participants have completely lost their trust in the network, and that it is irresponsible of exchanges and brokers to even allow the trading of this new coin and not simply a market just to get rid of it ASAP."
UK Moves to Regulate Crypto by 2027 After FCA Sought Public Feedback on Oversight
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
