{"id":555211,"date":"2023-10-13T02:00:13","date_gmt":"2023-10-13T02:00:13","guid":{"rendered":"https:\/\/ktsl888.com\/?p=555211"},"modified":"2024-06-11T14:30:05","modified_gmt":"2024-06-11T14:30:05","slug":"trader-loses-107000-to-mev-bot-panic-selling-obscure-stablecoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/trader-loses-107000-to-mev-bot-panic-selling-obscure-stablecoin\/","title":{"rendered":"Trader Loses $107,000 To MEV Bot Panic Selling Obscure Stablecoin"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Lookonchain, a blockchain tracking platform, now\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/lookonchain\/status\/62760763\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">reveals<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that 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. The stablecoin holder swapped 131,350 USDR for zero USDC, allowing an MEV bot to swoop in and claim $107,000 in profit.\u00a0<\/span><\/p>\n<figure id=\"attachment_555212\" aria-describedby=\"caption-attachment-555212\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-555212\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F8PU5rkbkAANcyW.jpeg?resize=1024%2C367\" alt=\"USDR to USDC swap| Source: Lookonchain on X\" width=\"1024\" height=\"367\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F8PU5rkbkAANcyW.jpeg?w=2390 2390w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F8PU5rkbkAANcyW.jpeg?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F8PU5rkbkAANcyW.jpeg?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F8PU5rkbkAANcyW.jpeg?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F8PU5rkbkAANcyW.jpeg?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F8PU5rkbkAANcyW.jpeg?w=2048 2048w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F8PU5rkbkAANcyW.jpeg?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/F8PU5rkbkAANcyW.jpeg?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-555212\" class=\"wp-caption-text\">USDR to USDC swap| Source: Lookonchain on X<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">The USDR Depegging, Stablecoin Falls To $0.50<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The stablecoin is issued by Tangible protocol, a decentralized finance (DeFi) protocol that claims to be tokenizing housing and other real-world assets. Due to the immutable nature of the Polygon network, the USDR holder is now at a loss.\u00a0<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/uLYPGr0Z\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/uLYPGr0Z\/\" alt=\"Polygon price on October 12| Source: MATICUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Polygon price on October 12| Source: <a href=\"https:\/\/www.tradingview.com\/x\/uLYPGr0Z\/\" target=\"_blank\" rel=\"noopener nofollow\">MATICUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">All on-chain transactions cannot be reversed unless there is a network rollback, which will unwind other transactions as a result should validators choose to do so. However, considering how public ledgers operate, it is improbable that a rollback will be done to recover funds.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/chainlink\/buy-link-chainlink-safest-bet-for-mega-trend\/\" target=\"_blank\" rel=\"noopener \">Buy LINK Now? Chainlink Touted As \u2018Safest Bet\u2019 For This Mega Trend<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">There has yet to be any feedback from the MEV bot operator on whether they can refund the affected user. Since the error was on the swapper&#8217;s side and not the hack, the community&#8217;s response to this mistake remains largely muted.<br \/>\n<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Real USD, USDR, is a stablecoin backed by a blend of other crypto assets and real estate. Considering the stablecoin&#8217;s construction, USDT is interest-bearing, meaning holders receive rewards. It was meant to track the USD but lost its peg on October 11 after a wave of redemptions drained the project&#8217;s treasury of its liquid assets, including DAI.\u00a0<\/span><\/p>\n<figure id=\"attachment_555213\" aria-describedby=\"caption-attachment-555213\" style=\"width: 620px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-555213\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/USDR_1D_graph_coinmarketcap.jpeg?resize=620%2C380\" alt=\"USDR daily chart| Source: CoinMarketCap\" width=\"620\" height=\"380\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/USDR_1D_graph_coinmarketcap.jpeg?w=620 620w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/USDR_1D_graph_coinmarketcap.jpeg?w=460 460w\" sizes=\"auto, (max-width: 620px) 100vw, 620px\"><figcaption id=\"caption-attachment-555213\" class=\"wp-caption-text\">USDR daily chart| Source: CoinMarketCap<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">By the close of October 11, USDR was\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/coinmarketcap.com\/currencies\/usdr\/#Markets\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">trading<\/span><\/a><span data-preserver-spaces=\"true\"> versus the USD at around $0.53, a near 50% drop, triggering panic. Moments after the rapid withdrawal of DAI and liquid assets from its treasury, the team explained that USDR fell to as low as $0.50 before recovering.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Tangible Finance Working On A Recovery Plan<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Despite the depegging, the USDR issuer said it is working on making holders whole, saying the crisis is mainly &#8220;liquidity related.&#8221; It also attempted to assuage holders, assuring that &#8220;the real estate and digital assets backing USDR still exist and will be used to support redemptions.&#8221;<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-doom-signal-50-collapse-coming-to-crypto\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Doom Signal Warns Of 50% Crypto Collapse<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Updating the community on X, the issuer\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/tangibleDAO\/status\/18562725\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">said<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0it is not &#8220;going anywhere&#8221; and is working on a &#8220;plan&#8221;:<\/span><\/p>\n<blockquote><p><span data-preserver-spaces=\"true\">Tangible isn\u2019t going anywhere. We have a flywheel that works and plans to continue building within that. A critical part of our shared future success is maintaining the trust we\u2019ve established with our users over the past year, which we hope to maintain through the plan below.<\/span><\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">Beyond the panic selling and one holder losing over $100,000 to an MEV bot, the extent of the USDR depeg has not been fully quantified. As of October 12, Polyscan data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/polygonscan.com\/token\/0x40379a439D4F6795B6fc9aa5687dB461677A2dBa\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\"> over 2,400 USDR holders. In total, they cumulatively control slightly over 45.5 million of the stablecoin.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Lookonchain, a blockchain tracking platform, now\u00a0reveals\u00a0that 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. The stablecoin holder swapped 131,350 USDR for zero USDC, allowing an MEV bot to swoop in and claim $107,000 in profit.\u00a0 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 other real-world assets. Due to the immutable nature of the Polygon network, the USDR holder is now at a loss.\u00a0 All on-chain transactions cannot be reversed unless there is a network rollback, which will unwind other transactions as a result should validators choose to do so. However, considering how public ledgers operate, it is improbable that a rollback will be done to recover funds.\u00a0 Related Reading: Buy LINK Now? Chainlink Touted As \u2018Safest Bet\u2019 For This Mega Trend There has yet to be any feedback from the MEV bot operator on whether they can refund the affected user. Since the error was on the swapper&#8217;s side and not the hack, the community&#8217;s response to this mistake remains largely muted. Real USD, USDR, is a stablecoin backed by a blend of other crypto assets and real estate. Considering the stablecoin&#8217;s construction, USDT is interest-bearing, meaning holders receive rewards. It was meant to track the USD but lost its peg on October 11 after a wave of redemptions drained the project&#8217;s treasury of its liquid assets, including DAI.\u00a0 By the close of October 11, USDR was\u00a0trading versus the USD at around $0.53, a near 50% drop, triggering panic. Moments after the rapid withdrawal of DAI and liquid assets from its treasury, the team explained that USDR fell to as low as $0.50 before recovering.\u00a0 Tangible Finance Working On A Recovery Plan Despite the depegging, the USDR issuer said it is working on making holders whole, saying the crisis is mainly &#8220;liquidity related.&#8221; It also attempted to assuage holders, assuring that &#8220;the real estate and digital assets backing USDR still exist and will be used to support redemptions.&#8221; Related Reading: Bitcoin Doom Signal Warns Of 50% Crypto Collapse Updating the community on X, the issuer\u00a0said\u00a0it is not &#8220;going anywhere&#8221; and is working on a &#8220;plan&#8221;: Tangible isn\u2019t going anywhere. We have a flywheel that works and plans to continue building within that. A critical part of our shared future success is maintaining the trust we\u2019ve established with our users over the past year, which we hope to maintain through the plan below. Beyond the panic selling and one holder losing over $100,000 to an MEV bot, the extent of the USDR depeg has not been fully quantified. As of October 12, Polyscan data\u00a0shows over 2,400 USDR holders. In total, they cumulatively control slightly over 45.5 million of the stablecoin. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":555215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[54512,83584,11164,89633,16680,89632],"class_list":["post-555211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-defi","tag-polygon","tag-stablecoin","tag-tangible","tag-usdc","tag-usdr"],"acf":[],"yoast_head":"\n<title>Trader Loses $107,000 To MEV Bot Panic Selling Obscure Stablecoin<\/title>\n<meta name=\"description\" content=\"USDR trader lost over $100,000 to an MEV bot following the depeg. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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