Backing a stablecoin with another stablecoin backed by the first isn't finance - it's expensive performance art.
@StreamDefi and @elixir got caught playing stablecoin hot potato. In one instance, Stream turned $1.9M into $14.5M xUSD through recursive minting.
Story below.
🚨TenArmor Security Alert🚨
Looks like someone just cracked a buggy ancient ponzi scheme contract, in the pay() function currentReceiverIndex is updated incorrectly, making some of the depositors being skipped for a repay, thus the contract has accummulated up to 14 eth, considering the funds has been stuck there for more than 6 years, the bug doesn't seem to be by intention.
the attacker carefully crafted a sequence of deposits, by placing those 3-eth deposits on the position that can not be skipped, it successfully taking all the stuck funds(as the 11% profit for each 3-eth deposits).
Attack transaction: https://t.co/PCn3Qr0AZI
#TenArmorAlert
@BeRichScript Supplying tokens to the Stablecoins pool will increase your borrow limit for this pool only, effectively enabling you to borrow tokens from this pool only.