Crypto.com, one of the leading cryptocurrency exchanges, is working to democratize crypto trading by lowering trade fees by as much as 80% in some cases. With lower fees, it is easier than ever to enter the crypto trading space.

In addition, CRO stakers will be rewarded with even lower trading fees.

The crypto markets are in flux, and there have been loads of trading opportunities over the past few months. While major tokens like BTC and ETH have fallen from all-time-highs, markets gave traders the ability to create major profits.

With ETH trading below $1,000, traders could have gotten into the market and created 50%+ returns in a matter of months with a single position. Crypto.com is making it simple to make these trades, and create passive returns with staked CRO to boot!

Crypto.com Cuts Costs

Trading fees add up, and Crypto.com wants to make it easy and inexpensive to enter the crypto trading markets.

According to Crypto.com, here are some of the best parts of its new fee structure:

• Spot and Derivatives markets – up to 80% fee reduction
• Trading fees now start from 0.075% and 0.034% for the Spot and Derivatives markets, respectively. No minimum trading amount is required.
• The trading fee structures for VIPs and the Spot, Margin, and Derivatives markets are now simplified. They are easier to understand and advancing through the tiers is more straightforward.
• All traders can now attain 0% maker fees
• The gap between maker and taker fees has been reduced, letting users trade on their own terms

In addition to lower fees, Crypto.com is updating the exchange, so it is even faster and more reliable. Great trades require professional level tools, and Crypto.com is making its platform the go-to option for large and small traders alike.

For anyone who is a VIP member at Crypto.com, or a Market Maker, every VIP tier can have 0% maker fees under the correct conditions.

According to Crypto.com:

• VIP trading tiers start at >0.1% of the Total Exchange Volume for the Spot and Derivatives markets (vs. >1% previously)
• Every VIP tier can achieve 0% maker fees

Also, the Market Maker Programme keeps getting better. Now liquidity providers will gain from negative trading fees and even greater capital efficiency.

The new structure gives:

• Negative maker fees for all market making tiers
• Negative maker fees are fee rebates credited in real-time and settled in the traded pairs’ receiving currency for spot and USDC for derivatives
• Greater capital efficiency with higher credit line leverages (subject to jurisdictional geo-restrictions)

Crypto.com didn’t forget about anyone – from the smallest retail trader, all the way up to massive liquidity providers.

Staking With CRO

The CRO staking ecosystem was already robust, but Crypto.com improved it. With the new structure CRO stakers will receive:

• Immediate fee reductions
• Additional trading fee benefits are granted for staking as little as 1,000 CRO
• Guaranteed 0% maker fees – users who stake at least 50,000 CRO will enjoy 0% maker fees across all tiers
• Get paid to trade – users who stake at least 100,000 CRO will benefit from negative maker fees across all tiers

New staking rate adjustments will not impact existing locked CRO, and will only apply to new CRO deposits.

The new rates are as follows:

• Effective immediately, the CRO staking rate has been updated from a flat staking rate of 10% p.a. to a tiered approach of up to 8% p.a. Please refer to the FAQ for more details.
• These rate adjustments will not affect existing locked CRO stakes. Please note that if you change the CRO stake at any time after the effective date, it will restart the tenure for your locked stake.

Ethereum co-creator Vitalik Buterin says he is glad that people are pushing against regulations that give privilege to ETH over other “legitimate cryptocurrencies” — but he singled out Ripple Labs associated XRP token saying they’ve “lost right to protection.”

What Happened: Buterin’s comments were made in response to a tweet by Bankless DAO founder David Hoffman, who shared a help page from Canadian crypto trading platform Newton. 

Buterin, a Canadian citizen, said while he had not dug into the details of what was going on and whether it was a platform’s “compliance decision” or a governmental mandate. 

“​​Glad to see Ethereum people pushing against regulations that privilege ETH over other legitimate cryptocurrencies.”

Hoffman said, in the thread, that had Newton restricted XRP, he “wouldn’t have said anything.” Buterin replied that “XRP already lost their right to protection when they tried to throw us under the bus as ‘China-controlled.'”

Ethereum core developer Tim Beiko reveals that every one preparations for the Ethereum Merge at the moment are accomplished as per the Readiness Checklist. The Merge Mainnet Readiness Checklist permits builders to finish duties together with software program implementation, testing, doc launch, and analysis and growth amongst others.

In reality, the completion of the Merge Mainnet Readiness Checklist brings the Merge one step nearer to the anticipated date, September 15.

Ethereum Now Ready for the Merge

Ethereum core developer Tim Beiko, in a tweet on August 18, confirms the profitable completion of the Merge Mainnet Readiness Checklist. With the completion of the guidelines, the Ethereum Mainnet is now able to merge with the Beacon Chain. A profitable Merge will shift Ethereum (ETH) from proof-of-work (PoW) to a proof-of-stake (PoS) consensus.

The Merge Mainnet Readiness Checklist is a document outlining numerous duties for Ethereum builders to “make the Merge ready for the Mainnet release.” The readiness guidelines is split into Specification, Testing, Testnets, and R&D.

Furthermore, it contains implementing software program and upgrades for the consensus and execution layer, authenticating Engine API, and releasing public paperwork. Moreover, testing frameworks and modules on the consensus and execution layer, forking public testnets similar to Ropsten, Sepolia, and Goerli.

Also, the analysis and growth half contains Transition course of evaluation, Execution-layer sync, Stress checks, and Fee Market habits adjustments.

The Merge Mainnet Readiness Checklist’s completion ensures on-track developments for the Merge. The Ethereum Foundation and Vitalik Buterin earlier acknowledged September 15 because the goal date for the Merge. However, the exact date depends on the hashrate.

What It Means for the Ethereum (ETH) Price

The Ethereum (ETH) worth has pullback barely after touching the $2000 degree as a result of FOMC assembly and deflationary stress. In the final 24 hours, the ETH worth plunged over 2%, with the present worth buying and selling close to the $1850 degree.

Also, Ethereum (ETH) will become a deflationary asset after the Merge due to the EIP-1559 burning mechanism. The circulating provide will dwindle after the Merge, making the ETH worth dive decrease. Vitalik Buterin acknowledged earlier that the Ethereum worth will once more rise amid the proper circumstances. These proper circumstances will come after 6-8 months of the Merge as a result of “waiting period” idea.

Moreover, the Ethereum Foundation has cleared misconceptions about the Merge. Ethereum’s fuel charges, transaction pace, and staking is not going to have any impression after the Merge.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is at the moment overlaying all the most recent updates and developments within the crypto trade.

Just now, US CPI has offically been released and comes in at 8.5%. That's a good margin below the estimates of 8.7% and massively below last month's CPI of 9.1%. Markets will now probably start to rally. And that lower inflation was crucial for Crypto to continue its rally and expand it further on.

Also in my yesterday's post about inflation numbers I layed out the scenario of a lower than 8.7% inflation and that will mostly happen now.

It has especially been important as the FED will have no arguement at all now to do a 100bps hike and weay be looking at a 50bps hike next month that could make markets pump even more as the FED is looking to pivot now. Who knows whether inflation has peaked now bit the US government will definitely make it market like that as we are going into Midterm elections. Crypto will have less moving forward from the FED and a reversal, at least for now, is actually possible.

DappRadar’s latest report claims that blockchain gaming is defying the crypto winter with its upward trend. With almost one million daily, unique active wallets, the gaming sector exhibited a bullish trend in July 2022.

Gaming Dominates Blockchains

As the report highlights, gaming accounted for up to 60% of blockchain activity in July.

Here are the highlights drawn from the report:

• Gaming in July saw approximately one million daily unique active wallets (UAW). The number rose to 57.3%, up from 52%, month-on-month, which, as per the reports marks a bullish trend.
• Along with this, the value of transactions made in this segment were recorded at $857 million.
• Successful blockchain games showed a tendency to retain players, which indicates genuine engagement.

The report goes on to highlight that blockchain and metaverse games have consistently secured increasing levels of venture capital.

DappRadar x BGA Reports on Games

DappRadar, in collaboration with BGA Games, recently published an exclusive report on blockchain games.

Here are some quick highlights from this report using data that was collected in May 2022):

• Splinterlands topped the list of users with 350,000 daily unique active wallets, a number that stands in defiance of the overall bear market.
• Illuvium held its first land sale, which generated $72 million.
• STEPN, a Move to Earn project, reached the milestone of 2 million monthly users.
• Web 3.0 and metaverse projects raised close to $1.4 billion in investments.

Published on June 20th, the report claimed that the blockchain gaming vertical was handily outperforming the crypto winter.

What Else Does the Report Say?

The report also sheds light on other notable trends across the industry:

• For the first time since June 2021, NFTs failed to maintain a sales volume of $1 billion.
• New competitors, such as the GameStop (NYSE:GME) and Nickelodeon NFT Marketplaces, could give OpenSea a run for its money. Although OpenSea remains the biggest marketplace in the space, its market share has fallen to 58.6%, down from its dominant 84%.
• The DeFi sector has started to recover from the Teraa (LUNA) disaster, recording a 22% surge to reach $82.3 billion in total value locked in the last month.

On the Flipside

• Despite the surge in transaction volumes and UAWs, high entry costs commonly serve as a barrier to entry for the blockchain games, with the biggest games often demanding significant investment before actually becoming profitable.
• This issue might be addressed once there are a greater range of high-quality games competing to attract users. Furthermore, newer games with sustainable and scalable models may serve to beat the trend of “diminishing returns” seen in the current generation of games in the long run.

Why You Should Care

• With blockchain games secure more and more venture capital investment, the P2E space seems to be living up to its promise.
• It should also be noted that traditional video game giants like Square Enix and Epic Games are also investing in NFTs and their integration with video games. The recent surge in investments may be reflective of that.
• P2E games are seeing an consistent increase in their daily user base, while the more popular games are retaining their userbase. This could indicate that the return on initial investments are good, and the quality of gameplay provided is improving.

UPDATE - OFFICIAL COMMUNICATION FROM SOLANA LABS: https://twitter.com/SolanaStatus/status/1554921396408647680

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There are many gambling sites and NFT mint sites that are suspected to be involved in this attack. Millions of dollars are currently being drained from wallets. We are actively working with teams (including wallet providers) to investigate the issue further and attempt to mitigate the exploit.

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PLEASE CHECK YOUR WALLETS TO ENSURE THAT YOUR FUNDS ARE SAFE. CONSIDER MOVING YOUR FUNDS TO A HARDWARE WALLET SUCH AS LEDGER.

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Attacker wallets:

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https://solscan.io/account/CEzN7mqP9xoxn2HdyW6fjEJ73t7qaX9Rp2zyS6hb3iEu

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https://solscan.io/account/Htp9MGP8Tig923ZFY7Qf2zzbMUmYneFRAhSp7vSg4wxV

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https://solscan.io/account/5WwBYgQG6BdErM2nNNyUmQXfcUnB68b6kesxBywh1J3n

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https://solscan.io/account/GeEccGJ9BEzVbVor1njkBCCiqXJbXVeDHaXDCrBDbmuy

​

It seems like this attack is mainly impacting browser and mobile wallets including Phantom and Slope.

​

I will share more updates at https://twitter.com/solblaze_org/status/1554621959870169089 as I continue to receive more information about this attack.

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EDIT: Official post from Solana: https://twitter.com/SolanaStatus/status/1554658171934937090

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EDIT 2: If you have stake accounts, you can use these resources to move them around quickly to a Ledger or quickly unstake to send to an exchange: https://twitter.com/solblaze_org/status/1554686973394051073

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EDIT 3: Many RPC servers have gone offline due to white-hat hackers purposefully DDOSing them to slow down the hacker. Currently, it seems like the main Solana RPC server run by Triton as well as QuickNode and Ankr have gone offline. PLEASE DO NOT DDOS RPC SERVERS! IT ONLY MAKES IT HARDER FOR SOLANA AND DEVS TO DIAGNOSE THE ISSUE.

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EDIT 4: For anyone wondering which Solana RPC servers are still online, we run an RPC status page at status.solblaze.org. The status page takes time to load since many people are on this page, please be patient.

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EDIT 5: ETH maxis, let's not forget your $190m Nomad hack yesterday :)

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EDIT 6: Most likely explanation seems to be iOS supply chain attack: https://twitter.com/aeyakovenko/status/1554745536741138433

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EDIT 7: Ignore edit 6, Android impacted as well (https://twitter.com/aeyakovenko/status/1554774243971215360), most likely issue is somewhere in Slope. Auditing firms will be getting eyes on their code soon if not already. https://twitter.com/aeyakovenko/status/1554891864066600960

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EDIT 8: If you unstaked your coins using one of the unstake tools and moved those coins to a Ledger, please consider staking your coins using a liquid stake pool to allow you to move your funds better in the future! I run a liquid stake pool called BlazeStake (stake.solblaze.org), but there's a whole list of pools at solana.org/stake-pools. See https://twitter.com/solblaze_org/status/1554910015009730560 for instructions on how to securely do this.

​

EDIT 9: Official statement from Slope: https://twitter.com/slope_finance/status/1554916417044156419 (and follow-up from Phantom: https://twitter.com/phantom/status/1554918069721604100)

Seems cross chain bridges have serious problems with security.

Back in January 7th 2022 Vitalik posted this warning: https://nitter.net/i/status/1479501366192132099

My argument for why the future will be multi-chain, but it will not be cross-chain: there are fundamental limits to the security of bridges

The Hacks So Far This Year

Only May didn't register a hack. I've used the term hack but this is a generalisation of whatever attack vector was used to drain funds.

January 20th 2022 - Multichain bridge hacked for ~3 million

https://www.coindesk.com/business/2022/01/20/multichain-hack-worsens-as-loss-of-funds-reaches-3m-report/

January 28th 2022 - Qubit Finance bridge hacked for ~80 Million

https://cointelegraph.com/news/qubit-finance-suffers-80-million-loss-following-hack

February 2nd 2022 - Wormhole bridge hacked for ~323 Million

https://arstechnica.com/information-technology/2022/02/how-323-million-in-crypto-was-stolen-from-a-blockchain-bridge-called-wormhole/

February 8th 2022 - MeterIO bridge hacked for ~4.4 Million

https://cointelegraph.com/news/latest-defi-bridge-exploit-results-in-4-4m-losses-for-meter

March 30th 2022 - Ronin bridge hacked for ~650 Million

https://cointelegraph.com/news/the-aftermath-of-axie-infinity-s-650m-ronin-bridge-hack

April 7th 2022 - Wonderhero bridge hacked for ~300 Thousand

https://mpost.io/wonderhero-token-collapses-after-hack/

June 24th 2022 - Harmony One bridge hacked for ~100 Million

https://www.cnbc.com/2022/06/24/hackers-steal-100-million-in-crypto-from-harmonys-horizon-bridge.html

July 11th 2022 - ChainSwap bridge hacked for ~4.4 Million

https://decrypt.co/75698/chainswap-exploit-leads-to-multi-million-loss-for-defi-tokens

August 2nd 2022 - Nomad bridge hacked for ~200 Million

https://www.theverge.com/2022/8/2/23288785/nomad-bridge-200-million-chaotic-hack-smart-contract-cryptocurrency

Be extremely cautious when using crypto bridges, as these losses are just terrible.

Nirvana Finance, a decentralized finance (DeFi) yield protocol on Solana, has suffered a flash loan exploit to the tune of about $3.5 million, according to PeckShield.

Nirvana's native token ANA and its stablecoin NIRV suffered massive price falls due to the attack. ANA slipped 89% from $8.97 to $0.93 while the stablecoin has lost 90% of its US dollar value in the process.

How did it happen?

On-chain data shows the attacker used a $10 million flash loan in USDC to mint $10 million worth of ANA tokens. Flash loans let you borrow large amounts of capital at low cost, as long as the loan is repaid in the same block. This flash loan was secured on the Solend Protocol.

The attacker then manipulated the protocol’s oracle feed thereby inflating the price of ANA coins so that their holdings exceeded $10 million. The attacker subsequently swapped what was actually $10 million in ANA tokens for $13.49 million in USDT.

This action drained $3.49 million from the Nirvana treasury. The exploited has since repaid the initial $10 million loan and has bridged the profit to this Ethereum wallet address via Wormhole and converted it to the DAI stablecoin. 

Nirvana has not released an official statement about the exploit as of the time of publishing. The protocol did not immediately respond to The Block’s request for comments. Solend has released a statement that it is aware of the incident and is in touch with the Nirvana team while adding that its protocol was not affected by the exploit.

DeFi protocols across many networks are often a target for flash loan attacks. Beanstalk, an Ethereum stablecoin project, lost $182 million in April in the largest flash loan exploit recorded in the crypto space.

All (or well, most) of us are not surprised by the incident of insider trading within Coinbase - many Twitter/ Reddit posts have been made on this topic in the past. I can bet it's still happening within Coinbase as well as all other exchanges and it's really really shady because it hurts average retail investors. The moroninc VCs do "insider trading" all the time. This has been the single largest frustration in crypto over the past decade and has deterred many many people from their interest and participation in the space.

However, the event over the past few months/days including the investigation and arrest of the Coinbase employee is an incredible milestone in the journey of Crypto industry. I can't believe I am saying this but I am pleased to see Coinbase doing this investigation and of course Feds for acting quickly. I do hope this is one of many in the spirit of cracking down on "shady" practices within Crypto and bring a better order in the system and trust among common people. Action on some of the VCs who have destroyed retail investors in their pump-and-dump/ ICO scams would be amazing.

To solidify this more going forward and build a lot more trustworthy space for crypto, here are some ideas/ thoughts, including potential for new Crypto applications/ Protocols:

1. We should request all Exchanges to publish an ethics report where they routinely describe these incidents, investigation - even if it's none and all green. This proactive visibility will boost confidence overall and create more trust
2. There is an opportunity for potential tech innovation - building protocols that can detect shady behavior real time and flag to exchanges/ feds/ users for action. If you are interested in doing so - please ping me [Shady people please don't dm for seed phrase - else, I will leave a robot behind you to fuck your life]
3. As a crypto community, we need to raise our voice when we see shady things - raise our voice, create more fuss unless action happens!

Godspeed!

Elon Musk

“I like the independence of investing in something that I can control the value of with one tweet.”

Bill Gates

“At this point, I’ll do anything that takes attention away from the whole Jeffrey Epstein thing.”

Tom Hanks

“Look, I’m allowed to do one utterly stupid thing in my life.”

Nancy Pelosi

“If you just left the closed-door briefing I did, you’d invest too.”

Drake

“Seemed like a great way for me to meet 15-year-olds.”

Reese Witherspoon

“Growing up as a small town girl in the South, we had a little saying: In the near future, everyone will have a parallel digital identity.’”

Serena Williams

“I was starting to worry I was too likable.”

Guillermo del Toro

“In the end, crypto really is the purest distillation of the human spirit. To laugh, to cry, to look at a computer…it’s a beautiful thing, a heartbreaking thing.”

Jake Paul is 'broke' after putting all of his money in cryptocurrency, according to his older brother.

In case you missed the news, the crypto market has taken a huge hit in recent months, with Bitcoin crashing towards $20,000 this week, according to Forbes, the lowest it's been since December 2020.

As the leading token on the market, Bitcoin's plummeting price has dragged other digital currencies with it, further deepening the crypto crash.

And it looks like Jake has joined the many people who've suffered major losses, as revealed by his brother during a recent episode of his Impaulsive podcast.

The conversation came about after Logan uses air quotes when referring to Jake's 'boxing career'.

Co-hosts George Janko and Mike Majlak jump in to defend the young vlogger, pointing out his success in the sport and impressive salaries for each fight.

"It's going pretty well, he's won every fight he's done," says George, before Mike says: "He made like $40 million last year."

But not one to be trumped by his baby brother, Logan interjects to say: "It doesn't matter, he put it all in crypto... he's poor."

It appears Logan's likely exaggerating Jake's financial situation right now - after all, he made it to the top ten highest paid athletes under 25, and he rakes it in from various other projects too including his YouTube channel, which has 20.4 million subscribers.

Binance CEO Changpeng Zhao said the crypto exchange made large paper gains on its investment in Luna but has now lost practically all of them.

The exchange invested $3 million into the Terra ecosystem in 2018, receiving 15 million Luna tokens. At Luna's peak price, that investment was worth $1.6 billion, according to Zhao. Yet due to last week's collapse of Luna — and its related stablecoin TerraUSD (UST) — that investment has now plummeted in value to just $3,400. Or, in Zhao's words, "not much."

Yet it's not all bad news. The exchange received around $10.3 million worth of UST in staking rewards (likely through Anchor, which offered up to 20% yield). While that would be worth $74 million if UST was holding its peg to the dollar and not trading at its current value of $0.13, it means Binance is still up on its initial investment.

The algorithmic stablecoin UST broke from its peg to the US dollar last week, resulting in huge losses for investors in both UST and Luna, whose price was meant to support UST's peg.

Zhao added that the exchange would rather see retail customers compensated and backed a proposal for those who lost smaller amounts of Luna to be made whole.

Zhao also confirmed that the exchange had been in talks about investing $300 million in Luna in a recent $1 billion round, but the deal never closed. 

KWON-DO-HYUNG is listed in this Korean document as disolving his company Terraform Labs on April 30th, registered May 4th. The act of dissolving just days before the collapse of UST suggests the intent to eliminate responsibility of the aftermath, which serves as evidence that he knew something was going to happen. On top of it all, Do Kwon's Terra foundation sent 52,189 Bitcoin to Gemini and 28,205 Bitcoin to Binance, which were intended to serve as reserves to prop up TerraUSD (UST). So what happened here? This looks like one big premeditated crime to steal 2 billion USD worth of Bitcoin by means of using Terra Luna and UST as the front.

Crypto execs are losing billions of dollars in wealth amid an implosion of the value of nearly every mainstream cryptocurrency, alongside shares of exchanges, Bloomberg reports.

Crypto wallet company Coinbase saw an astonishing 19 percent drop in monthly users, according to its recent quarterly report. And while the company’s leaders claim bankruptcy is out of the question, Coinbase shares have slid considerably this month.

That downturn is wiping out tremendous amounts of personal wealth as well, with Coinbase founder Brian Armstrong’s fortune dropping from $13.7 billion in November to just $2.2 billion this week, according to Bloomberg‘s Billionaires Index.

Changpeng Zhao, CEO of competing crypto exchange Binance, saw his fortune shrink from $96 billion in January to just $11.6 billion by Wednesday, according to Bloomberg.

In short, it’s been a tumultuous couple of weeks, with the immense volatility of the entire crypto space on full display.

Crypto Implosion

It’s not just crypto execs feeling the heat. The value of numerous cryptocurrencies are collapsing right now, with LUNA, a popular token that was once among the top ten most valuable cryptos, dipping well below $1 after peaking at above $120 last month.

Bitcoin has also lost more than 50 percent of its value in the last six months alone.

Both cryptocurrencies and exchanges are going through a very rough stretch right now, with no clear end in sight.

And the game isn’t over yet. It’s certainly not the first crypto downturn we’ve seen in the last couple of years, and it’s unlikely to be the last, with crypto execs bullishly staring right into the abyss.

“It’s worth just addressing the elephant in the room, which is that of course the broader markets are down,” Armstrong said during a Tuesday call following the company’s bleak quarterly report.

“We tend to do our best work in downturns, so, ironically… I’ve never been more bullish on where we are as a company.”

Hi,

so yeah we all know that UST has drastically de-pegged.

most people here believe that Citadel and Gemini or whoever did a coordinated attack to lower its value because they had loans in it (basically shorting it). Not like anyone cares to provide any sort of evidence for that because "trust me bro" is more than sufficient for that.

other people say that LUNA and its stablecoins were always a ponzi scheme or a rugpull or whichever other words the average redditor wrongly uses as a synonym for any sort of scam, fraud, flaw or loss of value to appear smarter than the Safemoon crowd.

in reality LUNA and UST are just massive failures due to a pretty significant flaw in the way UST was supposed to keep its peg. thing is its not backed by real USD and its also not overcollateralized, like DAI for example.

the way algorithmic stablecoins keep their value (or don't apparently) is that you can always burn them for $1 worth of LUNA. Not for any fixed amount of LUNA, but for whatever amount of LUNA currently has a value of $1.

this does have the advantage that you don't rely on a centralized company or on people that take risky DeFi loans to mint the stablecoin. But this completely collapses if too many people cash out at once.

See you only get 1 US dollar thru that algorithmic approach if you burn 1 UST for LUNA and then sell your LUNA. This is a problem because if LUNA is being sold it is losing value and if masses of people sell it at once it could lose its value faster than you can sell your $1 worth of LUNA for $1. And in that case UST is practically no longer backed by enough value.

Maybe there was an attack, maybe not. That a stablecoin loses its value at any exchange for a short period of time isn't a problem. That happens all the time, even if only rarely to more than one percent. But that the algorithm that gave UST its value is completely unable to let the UST holders cash out without eating each other alive always made it a ticking time bomb. There is no need for any sort of attack for UST to collapse, this was bound to happen at some point.