After making $4 million in profits, his assets vanished to zero: The mystery behind the downfall of Polymarket’s “God of | Bee Network
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The world of stablecoins is never short of stories, but it lacks respect for risk. In November, stablecoins ran into trouble again. A “stablecoin” called xUSD experienced a flash crash on November 4th, plummeting from $1 to $0.26. As of today, it continues to fall, having dropped to $0.12, wiping out 88% of its market capitalization. Image source: Coingecko The project that ran into trouble was Stream Finance, a high-profile project that managed $500 million in assets. They packaged their high-risk investment strategy as the dividend-paying stablecoin xUSD, claiming it was “pegged to the US dollar and automatically generates interest,” essentially just incorporating investment returns into it. However, any investment strategy cannot guarantee perpetual profits. On October 11th, the day of the crypto market crash, their off-chain trading strategy failed,…# Analysis# crypto# MarketPre
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- Author｜Wenser ( @wenser2010 ) Polymarket