2023-10-13 19:00 |
An attempt to withdraw USDR stablecoins amid a liquidity crunch appears to have gone horribly wrong.
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Lookonchain, a blockchain tracking platform, now reveals that one stablecoin holder lost over $100,000 after panic selling USDR, a stablecoin issued on the Polygon network, for zero USDC after it depegged on October 11.
During a recent fluctuation in USDR's value, a transaction involving 131k stablecoins yielded no return for the trader.
TangibleDAO will discontinue its real estate-backed USDR stablecoin stablecoin project after it depegged on Oct. 11. In an Oct. 12 post on X (formerly Twitter), the project said the stablecoin has too many attack vectors in its design, and measures designed to protect its users were easily manipulated.
Quick Take Yesterday, Oct. 11, exchanges noted an inflow of around 8,000 Bitcoins, equating to approximately $200 million, signaling a significant shift in crypto market dynamics. Most of these transactions ranged from $1M to $10M, suggesting that ‘whales’ or large-scale investors were likely active, particularly as Bitcoin’s price fell below $27,000.
The potential for blockchain to improve business processes, provide transaction transparency and security in the value chain, and reduce operating costs is obvious to many people. Despite this, the expected mass adoption has not occurred so far.