PiggyBank reveals LAB token manipulation caused user losses, pledges compensation

PiggyBank, a DeFi yield protocol, has admitted that a basis trading strategy involving LAB tokens ended up costing depositors after market manipulation broke the trade. The protocol now expects a roughly 15% drawdown in its USDC vault, with smaller declines in its SPYx and JitoSOL products. A drawdown report by the project was released on...