USDN NEUTRINO 30% DUMP AND USD UNPEG: BIG TROUBLE

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USDN NEUTRINO 30% DUMP AND USD UNPEG: BIG TROUBLE

Waves, the token backing Neutrino USD, or USDN, dropped by more than 36% in the past 24 hours. USDN was trading at about $0.76.

Nonetheless, the selloff occurred also as a pseudonymous analyst accused Waves of artificially pumping WAVES by 750% in the last two months by:

1) collateralizing USDN to borrow USD Coin (USDC) on the Vires.Finance lending platform;

2) using the proceeds to purchase WAVES;

3) converting the tokens to USDN, and

4) redeploying them into the Vires.Finance pool to borrow more USDC.

::: USDN lost its near-1:1 peg to USD this week
::: dropping to as low as $0.65 before recovering to around $0.66.
::: Neutrino USD is an algorithmic stablecoin that maintains
::: its peg with the backing of the Waves blockchain
::: this is bad news and puts stablecoins in spotlight again
::: due to potential misuse/manipulation
::: traders should be also concerned about USDT
::: as there's been recent short-selling interest
::: among crypto hedge funds
::: so essentially so funds are betting that
::: USDT will also loose it's USD peg
::: best advice: diversify your stablecoin portfolio

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