TLDR Tech / Crypto
How on-chain supply signals flagged the msUSD depeg three days before
Webacy's post-mortem on the June 20 msUSD collapse shows that two smart-contract wallets controlled by a single operator quietly redeemed ~$8 million of msUSD, about 10.8% of supply, at par in the five days before the token fell ~80%, while the price held at $0.9995 the entire time. The proximate trigger was reserve attestation provider Accountable terminating its agreement with MainStreet Finance on June 20, but the informed exits had already cleared. Webacy argues that redemption-velocity signals gated by wallet concentration, the mirror of the mint-velocity signals that caught the USR and StablR minting attacks earlier this year, would have issued a warning three days ahead of the price break. The depeg also froze ~$25M in downstream lending exposure as Morpho markets accepting staked msUSD (msY) as collateral hit 100% utilization with no withdrawable liquidity.
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