A stablecoin that's supposed to maintain a price peg to the US dollar 1:1 crashed to $0.1 i.e $100,000 (60 million naira) becomes $10,000 (6 million naira). Loss = $90,000 (54 million naira).
The Stablecoin Mania - Fall of UST and LUNA
The Stablecoin Mania - Fall of UST and LUNA
The Stablecoin Mania - Fall of UST and LUNA
A stablecoin that's supposed to maintain a price peg to the US dollar 1:1 crashed to $0.1 i.e $100,000 (60 million naira) becomes $10,000 (6 million naira). Loss = $90,000 (54 million naira).