DeFi User Mistakenly Swaps $131,350 in USDR for $0 in USDC
In an unexpected turn of events, a decentralized finance (DeFi) user accidentally lost a fortune after he swapped $131,350 in wrapped USDR (wUSDR) for $0 in USDC.
The transaction was initially captured on DeFi and DEX aggregator OpenOcean by X (formerly Twitter) user @rektfencer.
The DeFi user swapped $131,350, equivalent to approximately $141,729.77 in Real USD's stablecoin, for a mere $0.0001 in Circle's USDC.
To compound the issue, a transaction fee was charged at 0.0012 BNB coins (or approximately $0.25) when the swap was executed.
Providing more context on the unusual turn of occurrence, Lookonchain – an on-chain data analysis platform – accounted the entire situation to the depegging of the USDR stablecoin from its dollar peg.
As a result, the DeFi user unintentionally executed the swap while hastily selling the USDR in an attempt to recover locked funds. But this didn't turn out well, as the user lost their entire funds.
Furthermore, a maximal extractable value (MEV) bot leveraged the event to arbitrage $107,000.
USDR is a stablecoin offered by the TangibleDAO blockchain protocol. It is the world's first stablecoin collateralized by tokenized, yield-bearing real estate.
The stablecoin has an inbuilt value accrual system, and holders can earn a consistent passive income stream from rental revenue earned from these tokenized lands.
According to the TangibleDAO protocol, USDR holders can get a daily rebase between 5% to 10% annual percent yield (APY).
The tokenized real-estate asset was pegged to the US dollars and used MakerDAO's Dai stablecoin as collateral.
However, a significant wave of redemptions totaling $11.8 million in Dai left users holding a bag of illiquid real estate assets.
With only the real estate backing
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