Many USDC holders have fled to other stablecoins amid fears surrounding its solvency, but not all of them have been successful during panic selling.
) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC's collateral was held at Silicon Valley Bank.
However, not all of them had success during panic selling. One user paid over 2,000,000 USDC to receive $0.05 of Tether by dumping a large amount of 3CRV into USDT. KyberSwap aggregation router was used in the transaction. Kyberswap is a decentralized exchange that aggregates liquidity from several DEXs. In a postmortem, the protocol teamthat"since the market was undergoing a volatile period, all routes failed at estimating gas. The rate strongly fluctuated & only 0x’s route was successful but with a very poor rate."
After confirming the swap at 0x's rate in a pop-up, a bot detected the opportunity and gained 2,085,256 USDC from that Univ2 pool. The protocol is in talks with the bot creator, the bot user and third parties to assist with funds recovery.
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