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Trader swaps 131K stablecoins for $0 during USDR depeg

Published 10/12/2023, 12:00 PM
Updated 10/12/2023, 01:40 PM

During the crisis on Oct. 11 involving real-estate-backed U.S. dollar stablecoin Real USD (USDR), a trader appears to have swapped 131,350 USDR for 0 USD Coin (USDC), resulting in a complete loss on investment.

According to the Oct. 12 report by blockchain analytics firm Lookonchain, the swap occurred on the BNB Chain through the decentralized exchange (DEX) 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 trade.

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