Cardano stablecoin project gambled away investors’ money before rug: Report By Cointelegraph

In 2021, Ardana Labs claimed it would provide an innovative stablecoin platform for the network. The new project, called “Ardana,” would allow investors to lock up crypto collateral and mint fiat-pegged stablecoins, including a U.S. dollar-based token called dUSD. It raised $10 million from investors that year, but it suddenly closed up shop in November 2022, citing “funding and project timeline uncertainty.”

Some investors blamed the loss on the “crypto winter” of 2022, during which many legitimate projects went bust from lack of funding in the extended bear market. However, new evidence from Web3 risk-management platform Xerberus suggests there may be more to the Ardana story than just fundraising issues.

Ardana’s rise and fall

A trail of questionable money

CeFi exchanges join the trail

Some funds remain, while some were spent on development

Nearly $4 million lost in bad trades

Ardana’s liquidation and closure