We are covering 100% of users in the Moon Pool that were affected by the depeg of
@DuoExchange DETH
All assets will be returned early next week in USDB at these market prices:
DUO ETH = $1000
DUO USD = $0.72
ETH = $2350
USDB = $1
Yesterday a major holder of DETH was phished for approximately 12.5k DETH tokens, causing a significant depeg in the price of DETH. This allowed an exploiter to deposit a large sum of DETH into the Moon Pool, enabling them to drain other assets (LSTs, Kelp and ETHERFI, are unaffected). As a result, the pool reached 100% utilization, preventing lenders from withdrawing their funds
Quickly after, we successfully minted a RESCUEFUNDS token in the Moon Pool to recover the exploiters DETH
This was only possible because the Moon Pool is not Time Locked as it’s a riskier lending pool. The main Orbit Pool is completely unaffected, protected by a Time Lock, and remains the most secure lending pool on Blast
After we recovered the DETH we received live updates from
@blast and other partners that guided our decision. We have concluded we cannot speculate on DETH to repeg and will pay out users in USDB at market prices
If you were affected, then create a ticket in our Discord Otherwise, we will pay you out directly to affected wallet
We will be calculating users positions over the weekend and begin payouts early next week