Locking funds and hedging to this level—before the liquidity crisis hits, the kind of operations that don’t count toward NAV really are all too familiar.

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CoinNetwork
PiggyBank closes shorts, today the USDC treasury NAV retraced approximately 15%.
Piggybank bought into lab lock-up a month ago for $10k and hedged with perpetual contracts short.
Due to low liquidity and negative funding rates, the short position has been closed.
The lock-up position is approximately $1.35 million, but due to insufficient liquidity, it will not be included in NAV before the unlock on August 14.
USDC treasury NAV will decrease by about 15%, SPYX by approximately 12%, JITOSOL by about 9%.
A detailed report will be released next week.
ZachXBT criticized its use of user assets for high-risk trading and questioned issues related to lab's private placements/OTC and others.
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