Posted 2/4/2024, 10:15:30 PM
Crypto Protocol Lybra Sees Sharp Declines After Big Investor Selloff
- Influential backers dumped $150M worth of LBR tokens, causing the price to fall 50% in a week
- The selloff also impacted the Lybra protocol's stablecoin eUSD, which briefly lost its $1 peg
- As a result, the protocol's total value locked (TVL) plunged over 70% in 24 hours to $79M
- Industry experts attribute the decline to users withdrawing funds to seek better yields elsewhere
- Lybra says the protocol remains secure and user assets unaffected, blaming the TVL drop on "user behavior"