Turning $130,000 into $0: A Guide

CryptoFanatic · 2023-10-12T15:13:36.000Z

A crypto trader's fortune worth $131,350 in USDR was inadvertently transformed into $0 in USDC. Let's delve into the captivating details of this #crypto fiasco and unravel the mysteries behind it. On the ominous date of October 11, the stablecoin known as Real USD (USDR) suffered a severe depegging shock, losing nearly 50% of its value. The catalyst for this chaos seems to be a possible "fat finger" trade that has left the crypto community shocked. The "Fat Finger" Trade Our protagonist, a crypto trader, found themselves in the midst of a financial nightmare. Earlier in the day, they possessed a substantial sum of $131,350 in USDR. But as the chaos ensued, they executed a trade that transformed their USDR holdings into a $0 in USDC. Using the OceanSwap decentralized exchange (DEX), swapped 131,350 wUSDR tokens for a shockingly low value of less than $0.0001 in USDC. To make matters worse, they paid 0.0012 #BNB (equivalent to $0.25) in gas fees for this costly mishap.😂 Meanwhile, a Miner Extractable Value (MEV) bot successfully arbitrated a sum of $107,000, adding another layer of intrigue to this story. The Downfall of USDR USDR, once backed by real estate assets, suffered a catastrophic loss of its peg, likely due to a rush of redemptions. A Dune analytics dashboard revealed that $11.8 million worth of DAI collateral, as of October 10, was eroded during the redemptions, leaving illiquid assets in its wake. After the initial crash, USDR's price experienced a brief rebound, rising from $0.51 to $0.68, but it has since fallen back to $0.53. As of October 12, USDR's market capitalization stands at $40.9 million. Always pay attention, in the blink of an eye, fortunes can be gained and lost, leaving traders and enthusiasts to ponder the fates of digital assets. Remember, every like, share, and comment helps us to keep providing quality content like this. $USDC $BNB #DeFiChallenge

CryptoFanatic

I got a smile when i read your article. Thanks

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