JPYC on Upbit: rally to 37.6 won and 75% crash in six hours
- —Trading started September 17 at 18:05 at 12 won, peaking at 37.6 won at 19:23
- —By 02:32 on September 18, the price fell to 8.92 won, down 75.3% from the high
- —Volume in the Korean pair was about 130.4 billion won in the first two hours
- —Kaia and Polygon deposits opened at 19:23, after which the sell-off began
Why it matters: The case shows how limited deposit channels distort a stablecoin's price at listing and create risks for buyers at the peak.
Source: Blockmedia