Whale Spends $800K Buying USDX After Depeg, But Redemption Still Stuck

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Key Highlights

  • Stables Labs’ USDX stablecoin had a little “oopsie” moment, losing its 1:1 dollar peg and crashing down to a cool $0.3887.
  • The whale, having thrown down a hefty $800,000 to buy USDX, is now sweating bullets as their redemption request still hangs in limbo after 3 hours. Talk about a delayed flight!

Well, here we are. USDX, a stablecoin that was supposed to be as steady as a rock, decided to take a nosedive. Earlier today, it dropped like a lead balloon, down to $0.3887. This wasn’t the plan. The on-chain tracker, Lookonchain, was there to witness it all and caught the sad story.

– Lookonchain (@lookonchain) November 6, 2025

Just days before this latest hiccup, the same whale had gone all-in, buying up 1.4 million USDX at a similar dip. Then, like a seasoned gambler, they put it all on redemption, hoping to snag about $135,000 in profit. Easy, right? Well, that was the plan.

But here’s where things get juicy: After their latest splurge, the whale once again sent their precious tokens for redemption. And now, they’re sitting, waiting… and waiting. A full three hours later, and the redemption is still stuck in the pipeline. Some folks are starting to wonder: is this some technical glitch, or is it just the market laughing at their $800K investment? 🍿

Now, most stablecoins make redemption a breeze-like a quick trip to the ATM. But delays? Those are the red flags. Whether it’s a technical snafu, liquidity issues, or the system just plain having a meltdown, it’s not looking great for our whale. Who knew crypto could be so… suspenseful? 🤔

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2025-11-07 00:41