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The Mysterious ‘Wallet A’

by Hans Lipper

The implosion of Terra last summer still haunts the crypto industry, with numerous post-mortem reports trying to uncover the wallets that contributed to the collapse. One of the wallets, referred to as “Wallet A”, has been the focus of much speculation, with Wintermute researcher Igor Igamberdiev believing there is a good chance it could be linked to trading firm Jane Street.

Igamberdiev pointed out that Wallet A swapped 85M UST for USDC and imbalanced the UST/3CRV Curve pool, and that Clearpool unknowingly revealed three addresses associated with Jane Street during its last May announcement. He further noted that Wallet A borrowed $15 million from the lender and repaid the funds with an additional $10 million two weeks after the collapse, and even invested $150,000 in a decentralized exchange called Tonic and borrowed $25 million that it deposited into a Coinbase wallet.

The fallout of the event prompted Terra to rebrand and launch a new LUNA coin, while the original became known as LUNA Classic (LUNC). The US Securities and Exchange Commission (SEC) charged the former boss of Terraform Labs, Do Kwon, with securities fraud, and South Korea issued a warrant for his arrest. Interpol also issued a “red notice” for him, although he has denied receiving a copy.

Despite being tied to the fateful event, Igamberdiev asserted that the transactions do not prove Jane Street had any malicious intent. He concluded that the transactions add additional color to rumors about Jane Street participating in the theoretical Terra bailout. The mystery of Wallet A remains unsolved, however, and the crypto industry continues to be haunted by the implosion of Terra.

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