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> However, on Monday the stablecoin’s value had not hit zero and was around $0.12, since some traders were voluntarily buying beans, betting that some rescue pa
by trhr 4y ago
> However, on Monday the stablecoin’s value had not hit zero and was around $0.12, since some traders were voluntarily buying beans, betting that some rescue package would arrive to rebuild the project’s treasury and restore the peg.
Well, that rescue package better be at least $500 million this time, or the guy's already written the code to do the same thing again, but $182m richer...
- mrwh 4y agoThis is bizarre and example of how I don't understand the crypto world at all. Shouldn't a stable coin that is manifestly no longer stable be worthless? Is it known whether the hacker managed to translate their coins into something else before the price crashed, or did they also lose most of what they captured?
- xur17 4y agoI think people are betting that it might come back, or get bailed out by some investor. Wormhole, which lost hundreds of millions was bailed out by a VC within a day or 2, so there is definitely a non-zero chance it could happen.