Crypto Chaos: Stablecoin Shenanigans & a $3M Sneaky Profit?

🚨💸 “Crypto Chaos: Stablecoin Shenanigans & a $3M Sneaky Profit?” 🤑👀

Ah, the thrilling world of cryptocurrency, where stability is just a myth perpetuated by sadists 🤣. The FDUSD stablecoin, supposedly pegged to the US dollar, decided to take a dramatic plunge to $0.87 on April 2. Because, why not? 🤷‍♂️

Tron founder Justin Sun, the self-proclaimed Crypto Nostradamus 🙄, claimed the stablecoin issuer, First Digital, was insolvent. First Digital responded with a hearty “Oh no we’re not!” 🙅‍♂️, but not before the damage was done.

Enter Wintermute, the market maker with a knack for timing (or a crystal ball 🎲). They transferred a whopping 75 million FDUSD tokens back to First Digital within a day of the depeg. Sneaky, sneaky! 🤑

Blockchain intelligence platform Lookonchain spilled the tea ☕️: “Wintermute likely bought $FDUSD at a discount during the depeg and redeemed it 1:1 through First Digital—making a solid profit.” Solid profit, indeed! 🤑

“They likely bought $FDUSD at a discount during the depeg and redeemed it 1:1 through First Digital—making a solid profit.”

Wintermute snagged over 31 million FDUSD tokens from Binance at the “bottom” ($0.90). Assuming they didn’t just get lucky 🤞, they’d make a tidy $3M profit when FDUSD returned to the peg. Cha-ching! 🎉

Evgeny Gaevoy, Wintermute’s founder, attributed the 2025 crypto market crashes to “TradFi events” (because, of course, it’s always someone else’s fault 🙄). Think DeepSeek and Trump’s tariffs. You know, the usual suspects 🤷‍♂️.

First Digital’s Rebuttal (or, “We’re Not Broke, We Swear!”)

Despite the drama, First Digital assured everyone their stablecoin remains “fully backed and solvent.” Justin Sun’s accusations? Baseless, apparently 🙅‍♂️.

“First Digital stands firm: Justin Sun’s baseless accusations won’t distract from Techteryx’s own failures— our stablecoin FDUSD remains fully backed and solvent,” they tweeted on April 3.

However, some analytics tools (party poopers 🎉) highlighted potential weaknesses in FDUSD’s stability, rating it a 4 (“constrained”) on the S&P Global Ratings’ stability assessment. Oops 🙈.

“Weaknesses in other areas, including regulation and supervision, governance, transparency, liquidity and redeemability, and track record, contributed to those stablecoins with lower assessments.”

First Digital is now threatening to sue Justin Sun for those “false bankruptcy allegations.” Because, in the world of crypto, lawsuits are the ultimate love language 💕.

2025-04-03 15:42

First Digital’s Rebuttal (or, “We’re Not Broke, We Swear!”)

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