SwissBorg Profile picture
Mar 13 8 tweets 4 min read
This morning #EULER DeFi protocol was exploited & a small portion of #SwissBorg’s Smart Yield Program was impacted. Fortunately, we have been preparing for years for these scenarios and our users will not suffer any loss from this event. 😇 🧵:
1/ The DeFi Protocol @eulerfinance has been exploited, unfortunately, the #SwissBorg Earn strategies for USDT & ETH have been partially affected by the exploit. Fortunately, the extent of the damage is minimal thanks to our Risk Management Procedure. 💪🏽
2/ The ETH Earn strategy has suffered from a loss of approximately 1617.23 ETH (or only 2.27% of the total assets subscribed to the program).
3/ The USDT Earn strategy has suffered 1,694,422.42 USDT (or 29.52% of the total assets subscribed to the program).
4/ All the losses that occurred during that event will be covered by SwissBorg. 💪🏽
5/ We are working closely with the #eulerfinance Team and we hope that we can recover some funds.
6/ Both USDT & ETH Earn strategies will continue to operate as usual, along with our other Earn Programs.
7/ Join us tonight (6:00 pm CET) on the #SwissBorg YouTube channel for a live discussion with our founders to discuss the events that took place this morning and what are the next steps. Stay tuned for more updates! #DeFi #EulerProtocol #SmartYieldProgram #CryptoNews #CryptoFam

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More from @swissborg

Mar 11
As a matter of transparency, to reassure our community, we'd like to communicate regarding #SwissBorg’s fund exposure on $USDC. We currently do not possess direct exposure to #USDC 🧵:
1) We run on a weekly basis treasury management procedure every Friday. This week we have reduced our #USDC to a marginal exposure (below $250K).
2) The $USDC raised during fundraising is converted to CHF on a regular basis. As of today, all #USDCs have already been converted to CHF
Read 5 tweets
Mar 11
Dear borgers, this morning we're witnessing a significant depeg on $USDC. While there are some uncertainties over the current situation, we're not in a UST-type of scenario.
Here is our current analysis of the situation according to the information at our disposal 🧵:
1 - Current Exposure of Circle to SVB: $3.3B or 8.4% of their total assets ($40B)
2 - According to Circle Website circle.com/en/usdc more than 75% of their assets are in Short-Term US Treasuries managed by BlackRock (unverified source)
Read 9 tweets

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