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DeFi Lending Protocol Scream Has $35 Million in Bad Debt Due to Serious De-anchoring of FUSD and DEI

By WebsCryptoMay 16, 20221 Min Read
DeFi Lending Protocol Scream Has $35 Million in Bad Debt Due to Serious De-anchoring of FUSD and DEI
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Fantom-based DeFi lending protocol Scream caused $35 million in bad debts after failing to adjust the prices of two de-pegged USD stablecoins. The two stablecoins are Fantom USD (FUSD) and Dei (DEI).

Both stablecoins are still quoted at $1, according to data from the Scream dashboard. However, their trading prices have been severely de-pegged. Among them, FUSD fell to $0.69, and DEI fell to a low of $0.52. Whale players took advantage of this situation to deposit large amounts of FUSD and DEI at a discount and siphoned all other stablecoins from the Scream platform.

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Stablecoins such as Fantom USDT, FRAX, DAI, MIM, and USDC have all been withdrawn from the platform. As a result, users who originally had deposits in these stablecoins would not be able to withdraw from Scream.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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