News Explorer — Crypto Whales See Huge Losses From USDC Depeg After SVB Collapse

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Mar 11, 5:32 pm

Cointelegraph

Crypto Whales See Huge Losses From USDC Depeg After SVB Collapse

The depegging event of the USD Coin USDC caused losses of more than $1 billion in stock and deposits. Justin Sun reportedly withdrew 82 million USDC from the decentralized finance (DeFi) protocol, Aave v2. MakerDAO, the stablecoin’s issuer, filed an emergency protocol to prevent panic selling. Curve Finance reported a historic all-time high daily trading volume of $5.67 billion due to the events.

The depegging event of the USD Coin USDC caused losses of more than $1 billion in stock and deposits. Justin Sun reportedly withdrew 82 million USDC from the decentralized finance (DeFi) protocol, Aave v2. MakerDAO, the stablecoin’s issuer, filed an emergency protocol to prevent panic selling. Curve Finance reported a historic all-time high daily trading volume of $5.67 billion due to the events.

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