Here's a thread summarising how this happened.
> - spread around some fud about peg and bank runs
> - dumped the fuck out of their $3bn $btc on market to trigger wider panic
I'm sorry, but this is deep in /r/wallstreetbets conspiracy territory. The Occam's razor explanation is that the infinite 20% returns Luna/Anchor Ponzi is actually collapsing and that's what's triggering the runs.
It was always going to blow up though so it is possible this was just a coincidence and all it needed was slightly less liquidity to trigger the run.
:-D
Notice that all algorithmic stable coins essentially work the same way - the coin is issued against another coin acting as collateral. A fall in the value of the collateral will cause forced selling to buy back the stable coin.
They do also work the other way; pumping the value of the collateral as the stable coin can be used to bid up the collateral.
Creating an inherently unstable system that don't really need a conspiracy theory to explain why it will eventually collapse.