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Balancer's theft incident is causing unexpected chain reactions. Data shows that xUSD, supported by Polychain and under Stream Finance, has plummeted over 23% in the past 24 hours, with the price dropping to around $0.93.
Earlier, well-known trader Cbb0fe publicly warned that this xUSD has significant risk exposure and operates with a rather opaque mechanism. Now it seems the market has spoken with its feet.
When one protocol encounters issues, another stablecoin follows and loses its peg. The systemic risk in Decentralized Finance can sometimes propagate in this way.