USDC investor shells out $2M to obtain $0.05 USDT making an attempt to evade crash
Quickly after Circle revealed that Silicon Valley Financial institution didn’t switch $3.3 billion of its USD Coin (USDC) reserves, the market responded with a large sell-off — depegging the stablecoin from the U.S. greenback. Nevertheless, not all buyers have been fortunate sufficient to stroll away with their funds amid the uncertainty.
To chop losses, buyers began promoting their USDC tokens in alternate for different stablecoins, similar to Tether (USDT). Sadly, one transaction highlighted by Crypto Twitter member, BowTiedPickle, reveals a USDC investor paid over $2 million to obtain $0.05 of USDT.
With USDC insolvency fears rampant, customers are fleeing to security in different stables. Not all of them are going to make it there in a single piece, nevertheless.
This is how one unfortunate person paid $2,080,468.85 to obtain $0.05 of USDT.