According to public statements from people familiar with the matter, Iron Bank Euro (ibEUR) plunged 60% from $0.97 to $0.39 before recovering to $0.72, according to a public statement from people familiar with the matter. The depeg comes after a trader withdrew nearly $900,000 in USDC liquidity from the Curve pool, which supports the majority of ibEUR trading. Analysts say there is currently a lack of liquidity needed to stabilize assets. There is no guarantee that ibEUR will return to its previous price level anytime soon.