Tag: 131k

$131k USDR stablecoin trade results in $0 during value fluctuation

During a recent fluctuation in USDR’s value, a transaction involving 131k stablecoins yielded no return for the trader. Following the startling revelation from yesterday’s events surrounding the real-estate-backed U.S. dollar stablecoin, Real USD (USDR), a trader encountered a grave setback by swapping a staggering 131,350 USDR for 0 USD Coin (USDC). This unfortunate event reflects the high-risk nature of decentralized exchanges (DEXs) and the looming vulnerabilities of asset-backed tokens. The data, sourced from the prominent blockchain analytics firm Lookonchain, highlighted that the swap took place on the BNB Chain via…

Trader swaps 131k stablecoins for $0 during USDR depeg

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During yesterday’s real-estate-backed U.S. dollar stablecoin Real USD (USDR) crisis, a trader appears to have swapped 131,350 USDR for 0 USD Coin (USDC), resulting in a complete loss on investment. According to the October 12 report by blockchain analytics firm Lookonchain, the swap occurred on the BNB Chain through decentralized exchange OpenOcean, at a time when USDR depegged from par value by nearly 50% due to a liquidity crunch. A maximal extractable value (MEV) bot subsequently picked up the discrepancy, netting a total of $107,002 in profits through an arbitrage…