While the crypto market responded with a massive sell-off, not all USDC investors were lucky enough to walk away with their funds amid the uncertainty.
Shortly after Circle announced that Silicon Valley Bank had not moved its $3.3 billion coin reserve, the sales market responded with a large-scale sell-off-pegging the stable currency to the dollar. But not all investors are honored to bring her assets under uncertainty.
In order to reduce losses, investors gradually sell his USDC tokens in exchange for other relatively stable tokens, such as Tether (USDT). Unfortunately, BowTiedPickle, a member of the Crypto Twitter team, focused on a deal that showed that an investor in USDC paid more than $2 million and won a $0.050 USDT.
The data survey on the chain reports that users keep their property in a liquidity pool (LP)-a rising way to make money from the Internet with cryptocurrency. The customer could have sold his LP token to USDT at a price difference of 6 per cent. But they chose an "unusual" approach. As BowTiedPickle put it:
"the unlucky life application KyberSwp aggregation wireless router archives a large piece of 3CRV (DAI/USDC/USDT) LP token data into USDT."
Taking full account of the 100-meter race against time, the USDC investor forgot to set the length of its roll, which allows investors to set an accurate token price for the success of the transaction. He explained the subtle difference that led to the higher available value (MEV) robot paying $45 for car gasoline and $39000 MEV for bribes and making a profit of $2.045 million.
The above shows how human error can lead to permanent damage to funds. Under the premise of USDCTX law or other cryptocurrency, Cointelegraph proposes that investors re-examine the content and manner of the migration.
Shortly after Circle confirmed that Silicon Valley Bank had $3.3 billion, the subsequent sell-off in USDC caused the firm's steady asset value to fall below the $1 hook.
At the time of this writing, the value of USDC has already shrunk by more than 10%, and the transaction price is $0.8774.