@sunny051488@edwardmorra_btc@synthetix USDC is backed by real dollars โ actual cash and US Treasury bonds held in regulated banks. Every USDC is redeemable 1:1 for a real dollar directly with Circle (the issuer).
sUSD was backed by crypto (SNX), which can collapse. USDC's backing doesn't move with crypto markets.
@jaredsmev@f12sec Interesting legal theory. If your defense for years has been "the code allowed it" when sandwiching users, it's hard to suddenly argue someone else's exploit was illegal simply because the code allowed that too. Either code is law, or it isn't.
@apoorveth If your defense for years has been "the code allowed it" when sandwiching users, it's hard to suddenly argue someone else's exploit was illegal simply because the code allowed that too. Either code is law, or it isn't.
@jaredsmev If your defense for years has been "the code allowed it" when sandwiching users, it's hard to suddenly argue someone else's exploit was illegal simply because the code allowed that too. Either code is law, or it isn't.