$USDX by @StablesLabs has depegged to $0.44. Here is what’s known so far:
1/ USDX uses a multicoin arbitrage strategy as backing - futures positions (funding-fee farming) + spot holdings (likely on Balancer). TVL on DefiLlama was around $680M before the depeg.
2/ Wallets connected to founder Flex Yang have taken large loans collateralized by USDX (mostly long-standing) and show no signs of repayment. On Nov 6 (just before the depeg) one of those wallets was actively swapping USDX → USDT 👀.
3/ The team is silent. Their last update (Nov 4) mentioned a ~$1M loss in the Balancer exploit and promised to cover it “from team funds.”
Takeaways: too many red flags. I doubt the peg will recover.
Possible deeper losses from the Balancer exploit or the recent market crash (maybe they were even hedging $MMT?). The founder might have decided to pull out the remaining capital and vanish.
Hope I’m wrong.
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