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DeFi Yield Protocol PiggyBank Suffers Significant Losses Due to Investment in LAB

2026.06.07 15:45:32

June 7. DeFi yield protocol PiggyBank announced that roughly a month ago, it executed a $100,000 over-the-counter (OTC) purchase of LAB at a discounted price, making up 2% of its portfolio at the time. Following the LAB investment, the protocol employed a delta neutral strategy to open a short position. However, extreme price manipulation and liquidity constraints kept the funding rate negative, leading to continuous losses on the short position. PiggyBank noted it plans to close the short position to cap further losses. Currently, the LAB holdings held by the protocol are valued at approximately $1.35 million, but due to insufficient liquidity, the protocol intends to exclude this value from its net worth calculation. As a result, users may face short-term net worth declines across its various Vaults.
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