According to @justinsuntron, Lista DAO outlined a three-step path to earn around 20% on UTechStables $U by collateralizing BTCB, slisBNB, PT-USDe, or solvBTC, borrowing U at rates as low as 0.04%, and depositing the borrowed U into HTX Earn. Sources: Justin Sun X post https://twitter.com/justinsuntron/status/2009884934467661867; Lista DAO X post https://x.com/lista_dao/status/2009598218552725744 The Lista U Vault on BSC is provided for borrowing U against supported collateral. Source: Lista U Vault page https://lista.org/lending/vault/bsc/0x9a17fd5cb8efc25d11567e713ae795a89775a759?tab=vault&utm_source=x&utm_medium=promo&utm_campaign=1.9 The +20% yield is presented as an HTX Earn offering for U and linked by Lista DAO. Sources: Lista DAO X post https://x.com/lista_dao/status/2009598218552725744; HTX Earn product page https://www.htx.com/en-us/financial/earn/h5/newDetail?activeTab=1 Based on the stated 0.04% borrow and +20% deposit rates, the implied gross carry spread is approximately 19.96% before platform fees or program terms, constituting a collateralized borrow-to-earn carry trade between Lista lending and HTX Earn. Sources: Lista DAO X post https://x.com/lista_dao/status/2009598218552725744; HTX Earn product page https://www.htx.com/en-us/financial/earn/h5/newDetail?activeTab=1

According to Lookonchain, utilization on Lista DAO’s vaults managed by MEV Capital and Re7 Labs reached 99%, triggering a forced liquidation on-chain. Source: Lookonchain. Lookonchain also reported that utilization rates on several DeFi platforms are now above 90% and advised users with funds deposited across protocols to stay safe. Source: Lookonchain.

According to the source, Lista DAO said it is closely monitoring MEV Capital’s USDT vault and Re7 Labs’ USD1 vault where collateral assets sUSDX and USDX face abnormally high borrowing rates with no repayment activity (source: Lista DAO on X, Nov 6, 2025). Lista DAO added that Lista Lending has been engaging both teams and urged them to take responsibility, make decisions, communicate transparently, and cooperate to protect users and restore market balance (source: Lista DAO on X, Nov 6, 2025). PancakeSwap stated it is aware of the affected vaults, is tracking developments, and asked users on PancakeSwap to review and monitor positions tied to these vaults, promising updates as needed (source: PancakeSwap on X, Nov 6, 2025).