In a dramatic move, whale 0x0cc…066f8 redeemed a staggering 11.23 million USD0++, but not without consequences. The investor suffered a total loss of $999,000, equating to a hefty 9.1% discount.
Over the past 15 hours, the redemption was split between two distinct exit strategies, both resulting in significant penalties.
Two Exit Methods, Similar Outcomes
1. Curve Swap: A total of $4.8 million USD0++ was exchanged directly for USD0 through Curve, incurring a 9.11% loss.
2. Official Withdrawal: The remaining $6.43 million USD0++ was processed through the platform’s official withdrawal channel. This route carried an even greater penalty, with 1.042 million USUAL tokens confiscated as punishment, amounting to roughly 9.12%.
Even after the investor redeemed the USD0 and converted it back to USDC, an additional 0.7% wear and tear was observed, amplifying the financial blow.
Punitive Measures Explained
In response to community concerns, Usual has recently implemented two punitive withdrawal mechanisms. The whale in question opted for the one requiring “confiscation of a portion of USUAL earnings.” Under this system, withdrawing every USD0++ incurs a cost of 0.162 USUAL per token.
我这替人肉疼的毛病又犯了🥹 巨鲸 0x0cc…066f8 赎回 1123 万枚 USD0++ 一共损耗了 99.9 万美金，直接打了个 9.1 折啊🩸
过去 15 小时他选择了两种退出模式混合使用
🔸 480 万枚 USD0++ 通过 Curve 直接 Swap 成 USD0，大约是 9.11 折
🔹 剩余 643 万枚则走了官方退出通道，共没收 104.2 万枚 $USUAL… pic.twitter.com/8bcWyiS1bt— Ai 姨 (@ai_9684xtpa) January 15, 2025
A Grim Addition to the “2025 Sickle Inventory”
The financial strain highlights the challenges of navigating these exit mechanisms, with even USUAL token airdrops failing to offset the losses. This incident cements another name on the “2025 sickle inventory” of questionable projects.
While large-scale redemptions often come with risks, this episode serves as a stark reminder of the price some investors pay to exit under such punitive systems.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.