Unknown trader swaps $131,350 in USDR for $0 in USDC as USDR depegs

On October 11, an unidentified trader, amid the depeg of the Real USD (USDR) stablecoin, swapped $131,350 of USDR for less than 0.0001 USDC.

Someone swapped 130,000 $USDR for 0.0001 $USDC

REKT pic.twitter.com/YPjcUC4vzS

— Rekt Fencer (@rektfencer) October 11, 2023

In addition, he paid a transaction fee of 0.0012 BNB ($0.25).

On October 11, USDR unexpectedly fell by roughly half of its value. Presumably, this was driven by a wave of redemptions. At the time of writing, the price of the on-chain issued stablecoin on the BNB Chain trades at about $0.53.

Analysts at Lookonchain suggested the trader made a mistake during a panic sale of USDR via the DeFi aggregator OceanSwap.

“However MEV-bot successfully carried out arbitrage for $107,000,” the experts added.

Due to the decoupling of the stablecoin USDR, this guy accidentally swapped 131,350 $USDR for 0 $USDC while panic selling $USDR.

And a MEV bot successfully arbitraged $107K.https://t.co/FHOJtaGcSDhttps://t.co/IYtoqar29N pic.twitter.com/USLF1qkVDK

— Lookonchain (@lookonchain) October 12, 2023

Earlier that day, another MEV bot on BNB Chain earned $1.575 million thanks to an attack costing only $4.16.