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Trader lost $529,000 due to USDP jumping above $1.18
Trader lost $529,000 due to USDP stablecoin jumping above $1.18
On April 16, the rate of the USDP stablecoin from Paxos jumped above the $1.18 mark. The loss of the peg led to a liquidation of 529,000 USDC at one of the traders, according to PeckShield.
The anomaly was observed from 21:20 to 00:00 (Moscow time/Kyiv). The binding was finally restored an hour after the specified period.
Pac Finance, a lending protocol based on the L2 solution Blast, which was previously launched on the model of Aave, faced unexpected liquidations of users’ positions for $26 million.
Recall that in the first two weeks of April, the volume of forcibly closed positions in the lending markets in the Ethereum ecosystem reached $127.8 million, exceeding monthly values since at least June 2022.
Recall that Moody’s recorded 609 deposits of large stablecoins over the past year. A total of 1,914 “uncouplings” took place between January and September.
The last such significant episode occurred with TUSD in January 2024.