Crypto whales suffer huge losses due to USDC depeg, SVB collapse


In response to the extraordinary depegging event of the USD Coin (USDC) stablecoin caused by the collapse of its counterparty Silicon Valley Bank (SVB), crypto whales have reported severe losses and appear to have embarked on a series of capital flights to protect assets. Du Jun, the co-founder of cryptocurrency exchange Huobi Global, posted:

The same day, blockchain personality and Tron founder Justin Sun reportedly withdrew 82 million USDC from the decentralized finance (DeFi) protocol, Aave v2, over a series of transactions and swapped from Dai (DAI). At the time of publication, 82 million USDC is worth $75.26 million.


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