The thing is that Tera has not stopped minting its coin during the last 24 hours.
Yep, and it won't stop anytime soon as they are trying to peg UST to dollar again. Quote
A leveraged hand used insider knowledge to short UST and triggered a bank run. The reason the user had insider knowledge is because they had a detailed understanding of the Terra Ecosystem. Anyone with enough money, knowledge, and motivation could perform this attack, but the number of people capable of doing this is pretty small. Crypto barron or possibly a state actor, but that is speculation.
I just saw an interesting tweet from November 2021 in which one user explained how its possible to break Terra and make shit load of money while doing so and all you need to do it is 1 billion usd. And of course having "detailed understanding of the Terra Ecosystem". Do Kwon reaction aged well.
Twitter thread: https://twitter.com/FreddieRaynolds/status/1463960623402913797