USUAL protocol Revealed: How the Ponzi Scheme Emptied 2 Billion USD TVL

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The inside story of the USUAL protocol: a carefully designed eyewash

The USUAL protocol is a Ponzi scheme that operates under the banner of US Treasury yield. This protocol has a total of 5 tokens:

  1. USUAL - Governance Token ( Coin )
  2. USD0 - stablecoin ( is actually useless )
  3. USD0++ - 4-year government bond token ( obvious eyewash )
  4. USUALX - USUAL staking version (明显陷阱)
  5. USUAL* - Team and investor exclusive token ( hidden eyewash )

The conspiracy and strategy of USUAL

The protocol claims to provide a permissionless 4% yield on US Treasury bonds. To attract investors, it also launched the USUAL token with a 70% yield. Users can mint USD0++ at a 1:1 price to obtain USUAL emissions.

The Conspiracy and Counter-Conspiracy of USUAL

However, USD0++ is actually a 4-year locked government bond token, currently valued at only $0.84. The protocol alleviates user concerns by establishing a treasury in Morpho and fixing the USD0++ oracle price at $1.

USUAL's conspiracy and strategy

Some users have started high-leverage operations. For example, a large investor used $27 million to leverage to $130 million USD0++.

The Conspiracy and Strategies of USUAL

Suddenly, the protocol closed the USD0++ 1:1 redemption channel, lowering the redemption price to $0.87. This means that 13% of nearly $2 billion in TVL was withdrawn, approximately $260 million.

The conspiracy and tactics of USUAL

This fund is reportedly allocated to USUALX stakers. There is also a token called USUAL*, which is only available to the team and investors, enjoying more rights. The team has already profited at least 72 million dollars through this method.

The schemes and strategies of USUAL

The protocol takes these measures because the eyewash is difficult to sustain. By adopting a dual approach, it attempts to maintain the TVL and prolong the duration of the eyewash.

The Conspiracy and Strategy of USUAL

In the end, all participants will become victims. The USUAL price will eventually drop to zero, USD0++ holders will lose 13%, leveraged users will suffer heavy losses, and Pendle LP will also be unable to escape misfortune.

The conspiracy and strategy of USUAL

The only real beneficiaries are the project parties. In an environment lacking regulation, they have no moral bottom line. Investors must be cautious and should not easily engage with such projects.

The schemes and tactics of USUAL

The conspiracy and counter-conspiracy of USUAL

The Conspiracy and Strategy of USUAL

USUAL-4.43%
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PumpDetectorvip
· 07-31 13:42
called this ponzi months ago. patterns never lie.
Reply0
RektDetectivevip
· 07-30 13:25
Be Played for Suckers的套路都快被玩烂了
View OriginalReply0
GasGasGasBrovip
· 07-30 13:18
Another classic among classics
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0xSunnyDayvip
· 07-30 13:15
Another one who wants to play people for suckers.
View OriginalReply0
MetaMiseryvip
· 07-30 13:12
Ha, another trap to be played for suckers old script.
View OriginalReply0
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