Here’s what happened in crypto today By Cointelegraph
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The USDR stablecoin depegged on Oct. 11 after users requested over 10 million stablecoins in redemptions. Despite being 100% backed, the majority of its assets were illiquid, tokenized real estate properties. This led to the coin’s depegging from the dollar and its decline to $0.53.
This surely represented a bad day for the USDR team and everyone holding the stablecoin, but one particular trader appears to have had a worse day than some. During the USDR depegging crisis, a trader appears to have swapped 131,350 USDR for exactly 0 (USDC). That’s a complete loss of investment and a contender for “worst-case scenario” when it comes to panic-selling.
Ellison testimony: SBF bribed Chinese officials for $150 million to unfreeze funds
DeFi not yet a “meaningful risk” to stability — EU market regulator
Continue Reading on Coin Telegraph
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The USDR stablecoin depegged on Oct. 11 after users requested over 10 million stablecoins in redemptions. Despite being 100% backed, the majority of its assets were illiquid, tokenized real estate properties. This led to the coin’s depegging from the dollar and its decline to $0.53.
This surely represented a bad day for the USDR team and everyone holding the stablecoin, but one particular trader appears to have had a worse day than some. During the USDR depegging crisis, a trader appears to have swapped 131,350 USDR for exactly 0 (USDC). That’s a complete loss of investment and a contender for “worst-case scenario” when it comes to panic-selling.
Ellison testimony: SBF bribed Chinese officials for $150 million to unfreeze funds
DeFi not yet a “meaningful risk” to stability — EU market regulator
Continue Reading on Coin Telegraph
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