Tuesday, July 29, 2025
  • Login
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
CRYPTO MARKETCAP
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS
No Result
View All Result
SB Crypto Guru News- latest crypto news, NFTs, DEFI, Web3, Metaverse
No Result
View All Result

Dealer Loses $107,000 To MEV Bot Panic Promoting Obscure Stablecoin

by SB Crypto Guru News
October 13, 2023
in Bitcoin
Reading Time: 4 mins read
0 0
A A
0


Lookonchain, a blockchain monitoring platform, now reveals that one stablecoin holder misplaced over $100,000 after panic promoting USDR, a stablecoin issued on the Polygon community, for zero USDC after it depegged on October 11. The stablecoin holder swapped 131,350 USDR for zero USDC, permitting an MEV bot to swoop in and declare $107,000 in revenue. 

USDR to USDC swap| Source: Lookonchain on X
USDR to USDC swap| Supply: Lookonchain on X

The USDR Depegging, Stablecoin Falls To $0.50

The stablecoin is issued by Tangible protocol, a decentralized finance (DeFi) protocol that claims to be tokenizing housing and different real-world property. Because of the immutable nature of the Polygon community, the USDR holder is now at a loss. 

Polygon price on October 12| Source: MATICUSDT on Binance, TradingView
Polygon worth on October 12| Supply: MATICUSDT on Binance, TradingView

All on-chain transactions can’t be reversed except there’s a community rollback, which can unwind different transactions in consequence ought to validators select to take action. Nevertheless, contemplating how public ledgers function, it’s inconceivable {that a} rollback will probably be completed to get well funds. 

There has but to be any suggestions from the MEV bot operator on whether or not they can refund the affected person. Because the error was on the swapper’s aspect and never the hack, the neighborhood’s response to this error stays largely muted.

Actual USD, USDR, is a stablecoin backed by a mix of different crypto property and actual property. Contemplating the stablecoin’s building, USDT is interest-bearing, which means holders obtain rewards. It was meant to trace the USD however misplaced its peg on October 11 after a wave of redemptions drained the venture’s treasury of its liquid property, together with DAI. 

USDR daily chart| Source: CoinMarketCap
USDR each day chart| Supply: CoinMarketCap

By the shut of October 11, USDR was buying and selling versus the USD at round $0.53, a close to 50% drop, triggering panic. Moments after the fast withdrawal of DAI and liquid property from its treasury, the crew defined that USDR fell to as little as $0.50 earlier than recovering. 

Tangible Finance Working On A Restoration Plan

Regardless of the depegging, the USDR issuer mentioned it’s engaged on making holders entire, saying the disaster is principally “liquidity associated.” It additionally tried to assuage holders, assuring that “the true property and digital property backing USDR nonetheless exist and will probably be used to assist redemptions.”

Updating the neighborhood on X, the issuer said it’s not “going wherever” and is engaged on a “plan”:

Tangible isn’t going wherever. Now we have a flywheel that works and plans to proceed constructing inside that. A vital a part of our shared future success is sustaining the belief we’ve established with our customers over the previous yr, which we hope to take care of via the plan beneath.

Past the panic promoting and one holder shedding over $100,000 to an MEV bot, the extent of the USDR depeg has not been totally quantified. As of October 12, Polyscan knowledge exhibits over 2,400 USDR holders. In whole, they cumulatively management barely over 45.5 million of the stablecoin.

Function picture from Canva, chart from TradingView





Source link

Tags: Bitcoin NewsBotCrypto NewsCrypto UpdatesLatest News on CryptoLosesMEVobscurePanicSB Crypto Guru NewsSellingstablecoinTrader
Previous Post

Sotheby’s scrapes collectively £45.6m from Frieze Week double-header in London

Next Post

Mastercard creates tech to tokenize CBDCs on a number of blockchains

Related Posts

Bitcoin Long-Term Holders Begin Distribution: Mirroring Fall 2024 Cycle

Bitcoin Long-Term Holders Begin Distribution: Mirroring Fall 2024 Cycle

by SB Crypto Guru News
July 29, 2025
0

Bitcoin trades at a critical level, holding steady above $118,000 but failing to gain momentum for a breakout. Price action...

The ‘Alchemy of 5%’ Ethereum—Bitmine Launches  Billion Share Buyback

The ‘Alchemy of 5%’ Ethereum—Bitmine Launches $1 Billion Share Buyback

by SB Crypto Guru News
July 29, 2025
0

On Tuesday morning, Bitmine Immersion Technologies announced a $1 billion program to repurchase its outstanding common stock. The open-ended program,...

Bitcoin NFT Sales Surge In July, Up 22% From June 2025

Bitcoin NFT Sales Surge In July, Up 22% From June 2025

by SB Crypto Guru News
July 29, 2025
0

Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin-based NFT sales have experienced a resurgence...

China Industrial Bank Fast-Tracks AI Stablecoin to Counter Dollar

China Industrial Bank Fast-Tracks AI Stablecoin to Counter Dollar

by SB Crypto Guru News
July 29, 2025
0

China Industrial Bank (CIB) is stepping up its digital game with plans for an AI-enchanced stablecoin, aiming to push itself...

US May Start Buying Bitcoin Soon, Says Anthony Pompliano

US May Start Buying Bitcoin Soon, Says Anthony Pompliano

by SB Crypto Guru News
July 29, 2025
0

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure On Monday, Anthony Pompliano, founder and CEO...

Load More
Next Post
Mastercard creates tech to tokenize CBDCs on a number of blockchains

Mastercard creates tech to tokenize CBDCs on a number of blockchains

Bitcoin Worth Holds Floor However Upsides Turned Enticing To Bears

Bitcoin Worth Holds Floor However Upsides Turned Enticing To Bears

Facebook Twitter LinkedIn Tumblr RSS

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - SB Crypto Guru News.
SB Crypto Guru News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • WEB3
  • METAVERSE
  • REGULATIONS
  • SCAM ALERT
  • ANALYSIS

Copyright © 2022 - SB Crypto Guru News.
SB Crypto Guru News is not responsible for the content of external sites.