A heavy imbalance in Curve’s 3 pool led to a depeg scare for the Tether-issued USDT as its value fell by 0.3% to $0.997.
The main cause of the imbalance was attributed to a whale address called CZSamSun that borrowed 31.5 million USDT and swapped it for Circle issued USD Coin leding to slight deviation in USDT’s dollar-peg value. With the help of 17,000 ETH and 14,000 stETH as collateral and then converted the borrowed sum into USDC using 1inch.
The borrower then made deposits to V2 and V3 totaling $10 million and $21 million, respectively. Following that, the borrower took out a USDT loan of 12 million from V3 and deposited it into V2. Approximately 20 minutes after czsamsun.eth borrowed USDT, another address mortgaged 52,200 stETH through Aave V2 and borrowed 50 million USDC. Using the USDC>USDT de-peg, with a few million USDC,
The slight deviation for USDT price helped the USDC/USDT trading pair on Binance to rise to a new yerly high of $1.0034. USDT accounted for 73.79% of Curve 3pool, DAI accounted for 13.05%, and USDC accounted for 13.16%.
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