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DeFi

Helio Proceeds To Buy $3 Million Bad Debt In HAY To Recover Its Peg

December 7, 2022 - Around 2 mins mins to read
Protocol for stablecoins Helio, the company behind the US dollar-pegged HAY stablecoin, announced on December 7 that it had purchased $3 million in bad debt in HAY on the open market.
Helio Proceeds To Buy $3 Million Bad Debt In HAY To Recover Its Peg

Before that, blockchain infrastructure provider Ankr said that it would spend $15 million to repurchase bad debt caused by its recent exploit and the ensuing over circulation of HAY.

Following the Ankr exploit, HAY lost its peg and dropped to as low as $0.2 per coin before regaining the majority of its losses and trading at $0.97 at the time of publishing.

Helio Proceeds To Buy $3 Million Bad Debt In HAY To Recover Its Peg

Immediately following the incident, the Helio team stated that it would repurchase the excess HAY and send it to a burn address. Originally, users could mint HAY by depositing BNB as collateral at a 152% ratio. Prior to the incident, the protocol had a total value locked of around $90 million.

After doing this process, the price of HAY has gradually regained its $1 peg.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
DeFi

Helio Proceeds To Buy $3 Million Bad Debt In HAY To Recover Its Peg

Protocol for stablecoins Helio, the company behind the US dollar-pegged HAY stablecoin, announced on December 7 that it had purchased $3 million in bad debt in HAY on the open market.
Helio Proceeds To Buy $3 Million Bad Debt In HAY To Recover Its Peg

Before that, blockchain infrastructure provider Ankr said that it would spend $15 million to repurchase bad debt caused by its recent exploit and the ensuing over circulation of HAY.

Following the Ankr exploit, HAY lost its peg and dropped to as low as $0.2 per coin before regaining the majority of its losses and trading at $0.97 at the time of publishing.

Helio Proceeds To Buy $3 Million Bad Debt In HAY To Recover Its Peg

Immediately following the incident, the Helio team stated that it would repurchase the excess HAY and send it to a burn address. Originally, users could mint HAY by depositing BNB as collateral at a 152% ratio. Prior to the incident, the protocol had a total value locked of around $90 million.

After doing this process, the price of HAY has gradually regained its $1 peg.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

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