a month ago 1 min read

Wintermute Researcher Finds Bizarre Link Between Jane Street Wallet And UST Depeg

wintermute-igor igamberdiev-stablecoin

Igor Igamberdiev, Head of Research at Wintermute, believes that trading company Jane Street may have owned the wallet linked to the failure of the TerraUSD (UST) stablecoin from last year.

Igamberdiev asserted that there is a "good likelihood" the wallet is connected to Jane Street based on transaction analysis. Based on the fact that Jane Street had borrowed 25 million USDC from BlockTower via Clearpool's permissioned lending pool on May 3, 2022, he was able to identify three addresses associated with the trading company, with Wallet A being of special interest.

Wallet A borrowed $25 million two weeks later before depositing it into a Coinbase wallet. Igamberdiev noted that the wallet received 84.5 million USDC from the UST de-pegger, and that it didn’t have any other interactions other than these deposits, indicating that it’s “highly likely to belong to the same entity.” However, Jane Street did not respond to a request for comment.

The TerraUSD stablecoin, often known as UST, failed in May 2022, leaving investors with losses of tens of billions of dollars. Igamberdiev also mentioned that the wallet had UST on Anchor for a month, but added that "it wouldn't necessarily suggest that Jane Street had evil intent."

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