Re7 Labs has released a report detailing the impact of the recent xUSD de-pegging, revealing that over $13 million in funds have been affected, particularly involving Stable Labs. The report highlights that Stream's CEO has confirmed the company's financial stability, with partial repayments made on lending positions and $7 million in USDC secured in Re7 Labs' vault. To mitigate further risks, Re7 Labs has withdrawn funds from the xUSD market and set its cap to zero. The report also notes that borrowers using deUSD and sdeUSD as collateral, linked to Stream and Elixir, have reduced their exposure by lowering investment limits and withdrawing from markets involving xUSD, deUSD, and sdeUSD. All sdeUSD collateral borrowing positions have been repaid on Plume. Additionally, Re7 Labs has reached out to Stable Labs' CEO, Flex, urging liquidity deposits to allow users to close positions, but has yet to receive a response. Re7 Labs is currently seeking legal advice to formulate a strategic response to the situation.
Re7 Labs Reports $13 Million Impact from xUSD De-pegging, Seeks Legal Advice
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