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Sui Ecosystem Lending Protocol SuiLend Successfully Mitigates deUSD Bad Debt Crisis The leading lending protocol in the Sui ecosystem, SuiLend, announced today that the withdrawal function of the Elixir isolated lending market has been restored, successfully mitigating the potential bad debt risk caused by Stream Finance's massive losses. Previously, Stream Finance disclosed a significant loss of 93 million US dollars in managed assets, with the largest risk exposure being the stablecoin deUSD of the Elixir protocol. This is because Elixir had borrowed 68 million USDC from Stream Finance, accounting for 65% of the total reserves of deUSD, which immediately raised market concerns about the asset safety of SuiLend. The SuiLend team reacted quickly, immediately suspending the deposit and withdrawal functions of the Elixir market, and promptly contacted the Elixir team to demand repayment of all USDC debts. Ultimately, the Elixir team fulfilled their repayment obligations, allowing SuiLend to avoid direct losses. This incident highlighted the systemic risks arising from the interconnections between protocols in the DeFi space, while also demonstrating the SuiLend team's efficient risk management capabilities. $USDC $SUI

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Over 2 billion USD liquidated in 24 hours, longs completely washed out In the past 24 hours, the crypto derivatives market has experienced another massacre, with total liquidations across the network reaching 2.065 billion USD. This time, the hardest hit was the long positions, with the liquidation amount reaching an astonishing 1.675 billion USD, accounting for 81.1% of total liquidations, while the shorts only liquidated 390 million. This indicates that during the market downturn, a large number of long positions and high-leverage longs were instantly crushed. The liquidation amounts for long positions in BTC and ETH are almost identical, at 586 million and 587 million respectively, both major cryptocurrencies suffered severe blows. Globally, more than 481,000 traders have been liquidated. The most tragic case was a BTC long position worth 47.87 million USD on HTX being liquidated, which resulted in significant losses for this whale. Such a scale of liquidation not only wiped out aggressive leverage in the market but also further accelerated the price drop, serving as direct evidence of a shift in market sentiment to extreme panic. $BTC $ETH

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Circular Lending Whale Forced to Sell 56.52 Million USD Assets for Self-Salvation There is a large player involved in circular lending who built a huge long position in WBTC in DeFi, but could not withstand the market crash. This morning around 7:35, he began to frantically close positions to save himself, in order to avoid the forced liquidation of 1320 WBTC worth 132 million USD. In just two hours, he sold 465 WBTC at an average price of 102,000, and then sold 2686 ETH at an average price of 3244 USD, returning a total of 56.52 million USD in stablecoins to pay off debts and bring the liquidation line back to a safe position. This operation precisely exposed the vulnerability of high-leverage DeFi players. Their large-scale sell-off itself brings a secondary blow to the market, especially during times of tight liquidity. There are still a large number of shadow leverage positions built through circular lending in the market, and once the market reverses, chain liquidations will occur, which is currently one of the biggest potential risk points. $WBTC $ETH

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ETC has collapsed alongside the market, and this wave of correlation risk is truly unbearable. Ethereum Classic has really suffered this time, plunging alongside Bitcoin and Ethereum. Bitcoin couldn't hold $100,000, plummeting over 5% in a single day, triggering a liquidation wave of $1 billion across the network, while Ethereum was also dragged down, suffering a sharp drop of 6%. ETC's liquidity is inherently inferior to mainstream coins, and during such times, it is being beaten down without any means to fight back. On-chain data shows that many addresses are experiencing net outflows, clearly indicating they are cutting losses and fleeing. The contract data is even worse, with long positions being liquidated chaotically. In simple terms, there aren't any major issues with ETC's fundamentals, but it is too closely tied to Ethereum. In such extreme market conditions, small coins tend to experience amplified volatility, which is a typical manifestation of correlation risk. In the short term, ETC's fate will still depend on the market and ETH's performance. $ETC $BTC $ETH

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