A wallet bought yield tokens in a $9 million Pendle pool, pushing the PT price down 2.8% and triggering $36.1 million in liquidations of looped positions on Morpho within 14 minutes.
Pendle and SteakhouseFi said the oracle worked as designed. No bad debt was reported.
Wallet Trade Triggers $36.1 Million Morpho Liquidations After PT Price Drops 2.8%
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