Kinbas

🚀 DeFi Degen | 🌐 Web3 Explorer | 📊 Yield Farmer | 🦄 LP on Uniswap & Curve

[Kinbas @Shiverov]

@Re7Labs @Morpho Scammers

[Kinbas @Shiverov]

@Re7Labs Scammers

[Kinbas @Shiverov]

@Re7Labs @Starknet @vesuxyz Scammers

[Kinbas @Shiverov]

No more gas drama—let's build a better future!⛽️🚫

I'm collecting beans to help Gassy Jack's Gasless Future mission. Share the quest, earn rewards, and join the community climb 🧗

https://t.co/ydSVACSC8o

https://t.co/ydSVACSC8o

[Kinbas @Shiverov]

Discovered my Gas ID via ETHGas - turning my gas spend into rewards 🫘

As a Hero Jack, I've spent 1.7918 ETH on gas but earned 1000 Beans back.

Get your Gas ID and Beans here: https://t.co/zmX86zelgj

[xxx mr @xxxmr342386]

🚨 Warning on Re7 Labs Funds worth millions USD remain frozen for hundreds of users under their “curatorship”. No communication since Nov 2025. Comments on X are restricted. Do your own checks: DeFiLlama, Euler Discord.

[Kinbas @Shiverov]

Scammers

[Kinbas @Shiverov]

Please handle your bad debts.

[Abbas Khan ⟠ @KhanAbbas201]

It's disturbing to see how @StablesLabs depegged 94% and has had zero communication with their users so far after posting a useless form.

The account has not tweeted since and hasn't even renewed their bluecheck, I had their lead BDs telegram handle which is now unavailable and their CEO @goXmoonman has also not tweeted ever since after their users lost millions of dollars.

I'm sure their investors have also lost a lot of money but it would be great if they stepped in since these lot raised 45M dollars in their pre-seed round.

[Buidlpad @buidlpad]

Introducing Buidlpad Vaults

A fixed-term DeFi savings product delivering institutional-grade yield designed for safety, predictability, and zero active management.

Earn a fixed 8% APY in Phase 1.
Deposits open on 20th December, at 8AM UTC.

Visit: https://t.co/SMd3NJ6Cpi

↓

[Kinbas @Shiverov]

Scamers

[Re7 Capital @Re7Capital]

A great summary by @NorthIslandVC of Evgeny Gokhberg’s talk at Breakpoint 👇

Income Generating Strategies in Crypto:
https://t.co/BG3Lfykka9

[Kinbas @Shiverov]

I just pledged my allegiance to @Almanak!

100% of my tokens committed until end of year.

Join me and unlock exclusive benefits: https://t.co/rn78Ci2QhX

[Kinbas @Shiverov]

Funny to hear them talk about “managing $1B” while their BNB vaults alone are buried under millions in unpaid debt.
Maybe fix the basics before preaching DeFi risk management.

[Re7 Capital @Re7Capital]

Re7 Capital founder Evgeny Gokhberg (@evgeny_re7) recently joined the Bitcoin Yield Podcast to discuss long-term trends in DeFi and the evolution of on-chain yield.

🎥Watch the full episode with @Bitcoin_yield here:
https://t.co/bsinxRAInu

[Kinbas @Shiverov]

@donalt I'm very happy. I'm looking forward to it.

[Arabe ₿luechip @arabebluechip]

Create a refund request form using google forms.

Instead of initiating the restoration process to repay users, bridge the funds.

https://t.co/LR5tesoDBs

https://t.co/y9r7pcF3f8

Open a 30x long position on @HyperliquidX with user funds.

https://t.co/Ig6pONrlBZ

@StablesLabs rugpulled all users, and they can't even mask the lie by doing everything on-chain

[Schlag @Schlagonia]

Well boys, think I figured out (part of) the scam, and it is a doozy. Strap in.

TLDR: Stream (xUSD) and Elixir (deUSD), and likely more, are recursively minting each other tokens in order to inflate there own TVL and create a ponzu the likes of which we haven't seen for awhile in crypto.

NOTE: In the name of readability and due to X restrictions all txn hashes and addresses will be posted in a follow up tweet for those that wish to follow along themselves.

We start our journey on mainnet, watching the flow of USDC funds that have just landed in the Stream xUSD wallet last night. 0x15

- First step is to transfer the USDC out to another Stream controlled address 0x33, in this case to the tune of $4.4m.

- 0x33 places a cow swap order to buy USDT, which is paid out to 0x25.

- 0x25 takes that USDT and uses it to mint the equivalent amount of deUSD from their on chain minter 0x69

- 0x25 then transfers the deUSD back to 0x33 which in turn transfers it back to the main Stream wallet 0x15.

- Stream then takes that deUSD and bridges to AVAX, World chain or any other L2 that has lending markets listing sdeUSD, uses it as collateral to borrow other stables such as USDT or AUSD, swaps to USDC and bridge back to mainnet.

This is repeated one or two more times with varying amounts and lending markets, but the end state is Stream mints deUSD, uses that as collateral to borrow stables and mints more. Yesterday they did 3 rounds to mint about 10m deUSD.

While degenerate yes, not inherently scammy.

Enter Part 2

Usually when leverage looping, the last txn is just to supply the last amount as collateral. But Stream has a special power, which is their wallet receive's all USDC used to mint their "stable" coin xUSD and boy do they use it.

So with the final USDC they borrowed they recursively mint their own xUSD coin. Yesterday using the same $1.9m USDC they minted about 14.5m xUSD as shown in the tweet below.

This means xUSD is not only not actually backed 1:1 but the protocol itself is the largest holder of the token. It currently controls over 60% of the xUSD in circulation, meaning if we assume all is recursively minted like this then each xUSD is backed by at most $0.40.

But for what purpose? Well this is where it gets fun.

The main thing to do with xUSD other than hold, is leverage loop it where listed on Euler, Morpho etc. But who would lend millions of stables against a token the protocol just minted out of thin air you ask? 🤔

Well none other than our friends at Elixir who happen to find themselves with an extra $10m newly acquired USDT. 🤯

- Step one is to transfer the $10m USDT to what their "Transparency Dashboard" labels "Elixir's sUSDS Multisig" (lol) 0x73

- Next 0x73 creates a Cow swap order to swap the USDT back to USDC and have it land in 0x1b

- 0x1b bridges the $10m USDC to Plume network and then transfers it to a Safe at 0xaF8

- The Elixir Safe then supplies the USDC directly to a Morpho market that lends against, you guessed it xUSD.

-This market is hidden from all available morpho UI's and Elixir is the only depositor. There is currently over $70m USDC supplied and >$65m borrowed.

- Shortly after each deposit Stream will then come along with its brand new xUSD it minted to itself, borrow the USDC, bridge back to mainnet and we find ourselves back at the start of the story.

Funny enough as I was writing this they seem to be kicking off another round starting with another minting of deUSD.

While I did not dive fully in yet I would assume most markets that Stream uses to borrow against deUSD are also funded in similar manners, potentially by other partner "stable coins" engaging in the same tactics.

It is hard to know for sure how much actual collateral is backing this full system but seems likely to be sub $0.10 per $1.

Though what's a bit of leverage when you can each advertise 10-15% TVL growth overnight, just look at this beautiful chart from the Elixir dashboard showing their TVL growing about $60m in just a few weeks. (that amount sounds familiar)

The exposure runs rampant through DeFi, not only just holding xUSD or deUSD but depositing into any market or curated vault that lends against them or the other Yield coins that also are at least in part backed by these.

Make sure you know where your yield is coming from.

Happy Farming.

[Stacy Muur @stacy_muur]

Attention list for yield-bearing stables (heavy 7d TVL outflows)↓

• xUSD -100%, depegged
• deUSD -100%, depegged
• csUSDL -83% (Paxos winds down USDL, withdraw before Dec 6)
• USDx -83%, depegged
• yUSD by @GetYieldFi -71%, still stable
• srUSD by @reservoir_xyz -64.5%, still stable
• sdUSD by @dTRINITY_DeFi -57%, still stable
• mTBILL by @MidasRWA -57%, stable
• yUTY by @xsy_fi -56%, stable
• mEDGE on @MidasRWA -46%, stable
• mMEV on @MidasRWA -46%, stable
• savUSD on @avantprotocol -40%, stable
• USD3 by @reserveprotocol -40%, stable

Data source: @stablewatchHQ

[Kinbas @Shiverov]

@Re7Labs You guys are in cahoots with Stable Labs. You and they stole your clients' money. You'll all go to jail for this.

[David Zhang (▲) @dazhengzhang]

More stablecoins collapsing. It's a rough week for us stablecoin guys

$deUSD $USDX

[Robdog 🍾 @robdogeth]

USDX is becoming a 680m$ rug pull! Disabled discord, deafening silence and zero transparency

Let’s dig into what’s becoming the biggest scam of 2025 👀

What is USDX?

@StablesLabs describes USDX as “A delta-neutral synthetic stablecoin that offers: Delta-neutral stability with 100% crypto collateral and censorship resistance by passing banks. Scalability, yield from crypto arbitrage, and transparent reserves with insurance.”

In reality, it is a pile of money controlled by the Stableslabs team, which they in the background have supposedly been performing various arbitrage strategies with to earn a yield.

The Initial Depeg

On November 6th, USDX underwent a major depeg described in further detail here.

https://t.co/C0BBo7S6kn

Following the depeg and major cascading liquidations on lending markets, there was complete silence from the Stableslabs team. No X post, no discord post. Just deafening silence. Despite the token supposedly being fully backed with no public evidence of wrongdoing.

Depeg becomes rug-pull

Towards the end of the first day of the depeg, Stableslabs deactivates their Discord. This is a very bad sign. The only reason to in such a moment disable the Discord is to prevent coordination in response to what likely is actually happening. No further commentary from the founders or investors.

On November 8th, the first message from StablesLabs since the depeg is published, referencing a “restoration agreement” to make holders whole.

https://t.co/2RxA4Gzxj6

Reading through this announcement, I have strong confidence that this indeed is a confirmed rug-pull. Let’s break down why.

First of all, the post states that:

“recovery path referenced to the value of 1 USD. This arrangement is voluntary in nature and does not constitute a guarantee, redemption obligation, deposit-taking, or collective investment product.”

What

How can you say fund recovery is voluntary!? Clearly, the team is taking the stance that they legally are not required to honor redemption requests of their tokenholders.

Secondly, there is a snapshot taken, but users are asked to register in this Google Form. For processing legal claims, this looks awfully unprofessional. It looks like an intern threw something together in a hurry, not a genuine attempt to get in touch with affected users.

Third, they announce that:

“Execution will proceed in phases, depending on:
-Resource allocation and recovery planning
-Liquidity conditions
-Cooperative arrangements”

Without stating any timelines or details about their reserves, resource allocation or anything else. All they are saying is, we won’t tell you nothing and you won’t hear from us for a while. These are delta neutral strategies, they should be fully liquid with at max 1-2 weeks delay.

The market is clearly showing us how it interprets the announcement. Normally, if 1:1 redemptions would be made available, USDX would likely recover to somewhere close to 1. In their docs, it is stated redemptions can be processed by KYCd institutions, but clearly none such redemptions have come through. The fact that it dropped about 40% following the announcement, says a lot.

It is a common strategy for teams that rug-pull, to hide behind lawyers and slowly fade away with stolen funds. I hope major tokenholders or enforcement agencies pursue legal options to make the situation right, it might be the only path to fund recovery for the thousands of affected users who were misled by promises of stable yield opportunity.

Lessons and path forward

An original value of crypto is trustlessness, that you should only need to trust the code. The reality is, most protocols are not aligned with such values. USDX is an example where users needed to put their full trust in the team, and the team betrayed their trust. Whilst trust is not inherently an issue, as a space we might want to consider taking steps to bring us closer back to trustlessness in how we design these primitives.

The collateral damage from USDX will be felt by many. Likely many funds and vaults had some exposure that will result in further contagion risk. In the next weeks, we shall see what the impact ultimately is. This is a major reason why we are building @corkprotocol to help create mechanisms to shield contagion risk and minimize ecosystem spillover when such events take place. Furthermore, risk pricing and the ability to manage risk for market participants, may help prevent these catastrophic failures from occurring in the first place.

This event is sad, infuriating and unjust, however, it is also part of the game. With high yield, comes high risk. From an evolutionary lens, USDX represents a failed experiment. I hope we at least can take away some lessons, to build back stronger.

If you like this coverage, please give @robdogeth a follow for more updates on stablecoin depegs