Re7 Labs releases report on the de-pegging of xUSD: Over $13 million affected by Stable Labs, and no response has been received yet.

PANews November 9th News, Re7 Labs releases an impact report on xUSD de-pegging, with over $13 million affected by Stable Labs. The report states:

1. Stream-xUSD: Stream CEO has assured that the financial situation remains stable and unaffected by market events. Currently, Stream has partially repaid loan positions on Plasma and $7 million USDC in Re7 Labs’ treasury on Worldchain; meanwhile, to prevent further risk exposure, Re7 Labs has transferred all funds from the Earn treasury out of the xUSD market. Additionally, the upper limit of the xUSD market has been set to 0, and it has been removed from the supply queue of Euler Earn treasury.

2. Elixir-deUSD and sdeUSD: Last week, it was discovered that borrowers using deUSD and sdeUSD as collateral appeared to be linked to Stream. They have begun reducing their risk exposure to Stream and Elixir by lowering investment limits and transferring funds out of markets containing xUSD, deUSD, and sdeUSD. Currently, all borrowing positions using sdeUSD as collateral have been fully repaid on Plume.

3. Stable Labs-USDx and SUSDx: This week, communication was made with Stable Labs CEO Flex, who appears to be facing difficulties. He has been asked to deposit liquidity to enable users to close positions. Approximately $13,114,000 affected by Stable Labs has not yet received a response.

Re7 Labs states that they are seeking legal advice and will develop appropriate legal and strategic responses after a comprehensive assessment of all aspects of the incident.