ME News reports that on May 10 (UTC+8), DeepBook officially announced that at approximately 11:18 on May 9, due to insufficient collateral, the USDC margin pool accumulated $239,700 in bad debt, resulting in a temporary suspension of margin trading. DeepBook’s insurance fund has injected funds to cover the losses in the affected margin pool. Deposit and withdrawal functions have since been restored. (Source: Foresight News)
DeepBook Suspends Margin Trading Following $239,700 Bad Debt in USDC Pool
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Summary
DeepBook suspended margin trading on May 9 at 11:18 UTC+8 after a $239,700 bad debt arose in the USDC pool due to insufficient collateral. The platform’s insurance fund has since injected liquidity into the affected pool. Margin trading remains suspended, while deposits and withdrawals are now active. Traders focused on value investing in crypto are advised to closely monitor developments as the situation evolves.
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