On Thursday, in a move that surprised absolutely no one who’s been watching the crypto circus lately, the so-called “stable” coin USDX – brought to you by the fine folks at Stable Labs, who clearly missed the memo on ‘stability’ – decided that $1 was just too boring, and promptly dove headfirst toward the price of a slightly used gumball. 💥
USDX Springs a Leak (Again)
Not content with watching XUSD turn into digital confetti, USDX politely raised its hand and said, “Hold my algorithm,” before gracefully leaping off its $1 peg on November 6 like a particularly anxious penguin at the edge of an iceberg.
As of 7 p.m. Eastern Time – which, for crypto natives, is approximately 37 minutes after the concept of linear time ceased to matter – USDX was limping along at $0.6159. That’s a vast improvement over its midday low of $0.3736, which, for comparison, is roughly what you’d pay for half a decent sandwich in Manhattan. 🥪
No one’s quite sure what happened, because in crypto, never does. But rumors swirling through the blockchain grapevine – relayed by a chap named Luke Chmiel, who apparently makes a career of watching stablecoins die – suggest the Balancer exploit might be the prime suspect. ❌
“Looks like USDX/sUSDX was hit by the Balancer exploit for $1M,” Chmiel tweeted, adding: “But there may be something deeper going on as it has now depegged to 0.825, shedding $120m of market cap in the last few hours.” Translation: “It was bad. Then it got worse. Then everyone looked away.”
Earlier in the week, the Stable Labs team did manage to utter a few words – a miracle, really – announcing they’d patch the exploit hole. 🛠️ But in what can only be described as “a masterclass in confusing decision-making,” they also throttled cross-chain bridge flow rates and yanked liquidity from Arbitrum and Base. Since then? Silence. Radio silence. The kind of silence usually reserved for broken promises and abandoned Discord servers. 💬
It’s worth noting that a solid three days ago, Stable Labs grudgingly admitted something bad might’ve happened involving the Balancer V2 Vault – the digital equivalent of saying, “We may have misplaced your car keys.” But instead of offering sandwiches or at least a warm apology, they vanished. Cue the arrival of Pancakeswap’s official account, storming the comment section like a furious chef whose omelet just collapsed.
On Thursday, they tweeted: “When you gonna show up to solve the liquidity problem? Users are waiting and you have not even posted one tweet, we are expecting a rational solution!”
Which, frankly, is about as dignified as you can get while screaming into the void. 👏
As for whether USDX can ever regain its former glory? Well, that depends. If “former glory” means “psychologically reassuring decimal points,” then chances are slim. If it means “eventually stabilizing around the cost of a bus ticket in 1987,” we’re nearly there.
In the meantime, scammers have descended on Stable Labs’ social media like raccoons at a landfill. 🦝🚨 Fake recovery schemes, restoration portals, and “urgent verification steps” are popping up faster than excuses from the dev team. Several concerned X users – including @zerodarke1even and @tomv1212 – have taken to spamming the comments with increasingly desperate pleas: “Update? Anyone? Hello? Is this thing on?”
FAQ ❓
- What caused the USDX stablecoin to depeg?
The universe remains uncertain, but the leading theory points to the Balancer V2 exploit – a bug so powerful it made over $100 million disappear faster than a politician’s promise. 🎩 - How low did USDX fall during the depeg?
$0.3736 – which, while not technically zero, might as well be when you’re trying to pay rent or buy emotional stability. 😬 - When did the USDX depeg occur?
November 6, 7 a.m. EST. Right after the XUSD disaster, making this the second stablecoin this week to treat “peg” as more of a suggestion than a rule. 🔄
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2025-11-07 04:00