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PiggyBank reveals LAB token manipulation caused user losses, pledges compensation
Jun 11, 2026
< 1 min read
by Micah Abiodun
for CryptoPolitan
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PiggyBank, a DeFi yield protocol, admitted a basis trading strategy involving LAB tokens was broken by market manipulation and has cost depositors. The project expects roughly a 15% drawdown in its USDC vault with smaller declines in its SPYx and JitoSOL products and released a drawdown report detailing the losses and risks to depositors.
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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...
