Major DeFi Hacks and Stablecoin Depegs Shake the Market
CW45 Balancer was hacked for $120M, triggering Notional’s shutdown and cascading losses across Stream Finance, Elixir, and USDX as several stablecoins depegged below $0.10. Meanwhile, Binance-listed MMT saw a sharp pump and dump, and Hyperliquid’s top whale traders suffered full liquidations.
Hacks and depegs on DeFi
Balancer, one of the earliest DeFi protocol, has suffered a major exploit with approximately $120 million in digital assets drained including osETH, WETH, and wstETH. Balancer has acknowledge the hack on X https://x.com/Balancer/status/1985283356582453588. Following, lending protocol Notional announced shut down due to this event https://x.com/NotionalFinance/status/1985751306078712094
Meanwhile after CBB's X post of xUSD's insolvency, Stream Finance blamed its insolvency to an external fund manager https://x.com/StreamDefi/status/1985556360507822093. Following, decentralized finance liquidity provider Elixir has pulled support for its synthetic stablecoin, deUSD, due to knock-on effects from Stream Finance’s $93 million loss earlier this week, which has triggered the stablecoin to depeg from the US dollar to below 10 cents.
Then USDX of Stables Labs (not the recently launched Stable chain) also depegged to below 10 cents https://coinmarketcap.com/currencies/usdx-money/
Looks like a systematic deleverage is on the way to those stable coins and trading vaults. And there should more 3rd party audits to those stable coins and trading vaults. Something like Credora by RedStone launches risk scores to the DeFi lending markets.
MMT pump and dump
New coin MMT listed on Binance experienced a wide pump from 0.1 to 4.4 USDT, then dump from 4.4 USDT to 0.5 USDT.
It's suspected that one of the listed exchange leaked position and margin info of a whale trader who's shorting MMT, and got that whale traders liquidated. It's also suspected that MMT's developers took the chance to deposit and dump their coins.
Hyperliquid whales' lessons
Some of the whale traders were deemed as 'insider traders', or smart money to say the least, that started from James Wynn, then Qwatio, then Aguila Traders, and the 14-win streak Trader.
However recently none of the previous series winning traders come out with profit. Ultimately, their account was completely liquidated, and they lost everything.
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