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Crypto whales suffer huge losses due to USDC depeg, SVB collapse

Mar 11, 2023 · 1 min read · 48 points
Crypto whales suffer huge losses due to USDC depeg, SVB collapse
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Projects, stakeholders and protocols have all reported severe losses.

Highlights

  • USD Coin (USDC) stablecoin depegging caused by collapse of its counterparty Silicon Valley Bank (SVB) crypto whales have reported severe losses and appear to have embarked on a series of capital flights to protect assets.
  • At the time of publication, the price of USDC has fallen 8.30% in the past 24 hours to $0.9163.
  • MakerDAO, the stablecoin’s issuer, filed an emergency protocol on March 11 that, among many items, called for restrictions on minting DAI using USDC.
  • The same day, Tron founder Justin Sun reportedly withdrew 82 million USDC from the decentralized finance (DeFi) protocol, Aave v2, and swapped from Dai (DAI).
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