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Soon after Circle revealed that Silicon Valley Bank did not transfer $3.3 billion of its USD Coin (USDC) reserves, the market responded with a massive sell-off — depegging the stablecoin from the U.S. dollar. However, not all investors were lucky enough to walk away with their funds amid the uncertainty.
To cut losses, investors started selling their USDC tokens in exchange for other stablecoins, such as Tether (USDT). Unfortunately, one transaction highlighted by Crypto Twitter member, BowTiedPickle, shows a USDC investor paid over $2 million to receive $0.05 of USDT.
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