Stablecoin USDX experienced a dramatic 63% drop on November 6, falling from its $1 peg to $0.37. The crash follows allegations against founder Flex Yang, accused of draining liquidity from major DeFi protocols. On-chain analysis linked Yang's wallet to addresses that allegedly siphoned USDC, USD1, and USDT liquidity using USDX as collateral. In response, Lista DAO enacted emergency proposal LIP022, initiating liquidation proceedings that are nearing completion. Although USDX briefly rebounded to $0.70, it remains significantly below its intended value. Stables Labs has yet to address the allegations publicly.