Someone swapped what had been $131,350 in USDR for $0 in USDC
Quick Take
- Someone appears to have lost what had been worth around $131,500 earlier in the day in USDR for $0 in USDC.
- The possible “fat finger” trade occurred as USDR depegged, losing almost 50% of its value on Oct. 11.
Someone appears to have swapped what had been worth around $131,350 in USDR earlier in the day for $0 in USDC, with the possible "fat finger" trade occurring as the stablecoin known as Real USD depegged on Wednesday.
On Thursday, an X user noticed that someone on OceanSwap, a DEX and DeFi aggregator, swapped the 131,350 wUSDR tokens for less than $0.0001 in USDC. What's more, the user paid 0.0012 BNB ($0.25) in gas fees.
After USDR depegged from $1 on Oct. 11, the user may have been panic selling when the possible mistake happened.
"Due to the decoupling of the stablecoin USDR, this guy accidentally swapped 131,350 $USDR for 0 $USDC while panic selling $USDR," Lookonchain wrote on X.
"And a MEV bot successfully arbitraged $107K," it added.
USDR collapse
USDR, backed in part by real estate assets, may have lost its peg due to a rush of redemptions, according to a Dune analytics dashboard.
RELATED INDICES
Some $11.8 million of DAI that was collateral for the stablecoin as of Oct. 10 has been completely eroded during the redemptions, leaving largely illiquid assets in its wake, The Block reported on Wednesday.
After the immediate crash, USDR's price rebounded from $0.51 to $0.68, but the stablecoin's price has since fallen back down to $0.53, according to CoinGecko. USDR had a market capitalization of $40.9 million as of 10:00 a.m. ET on Oct. 12.
Price behavior of USDR following its Oct. 11 crash. Image: CoinGecko
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
