$89 Million Liquidated on Crypto Lending Platform Compound

LoanScan suggests that around $89 million was liquidated on the crypto lending platform Compound in the past 24 hours after the price of DAI was increased on Coinbase Pro. Compound is a crypto lending platform that lets users lend crypto assets to each other.

A malicious actor may have manipulated DAI price on Coinbase Pro, which tricked the blockchain into believing that the price of the coin has gone up to $1.30. According to Svanevik, a $100 loan could have gotten liquidated because the price of DAI was fixed at $1 (it is a stablecoin).

Timeline of Compound, Multi-collateral-dai