Lookonchain, a blockchain tracking platform, now reveals that one stablecoin holder lost over $100,000 after panic selling USDR, a stablecoin issued on the Polygon network, for zero USDC after it depegged on October 11. The stablecoin holder swapped 131,350 USDR for zero USDC, allowing an MEV bot to swoop in and claim $107,000 in profit.
The USDR Depegging, Stablecoin Falls To $0.50
The stablecoin is issued by Tangible protocol, a decentralized finance (DeFi) protocol that claims to be tokenizing housing and other real-world assets. Due to the immutable nature of the Polygon network, the USDR holder is now at a loss.
All on-chain transactions cannot be reversed unless there is a network rollback, which will unwind other transactions as a result should validators choose to do so. However, considering how public ledgers operate, it is improbable that a rollback will be done to recover funds.
There has yet to be any feedback from the MEV bot operator on whether they can refund th
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