[PiggyBank: LAB Token Basis Trade Error, Token Manipulated by Market, USDC Treasury Down 15%] Yield protocol PiggyBank has issued an announcement acknowledging a significant error in the LAB token basis trade conducted last month. PiggyBank disclosed that the team previously purchased locked LAB tokens at a discounted price of approximately $100,000 (around 2% of the portfolio) through OTC channels and simultaneously shorted perpetual contracts for hedging. However, during the holding period, LAB experienced severe market manipulation, liquidity depletion, and deeply negative funding rates, resulting in excessively high hedging costs. The team ultimately decided to close the short positions to limit downside risk. Based on current prices, the total value of the locked LAB position is $1.35 million. However, due to insufficient liquidity in this position, PiggyBank will exclude it from net asset value calculations until the first unlock date on August 14.