PiggyBank, a DeFi yield protocol, has reported a 15% drawdown in its USDC vault after what the team described as a LAB basis trading error. The incident has drawn scrutiny from on-chain investigator ZachXBT, who publicly questioned the platform’s risk management practices. PiggyBank disclosed that its USDC-denominated vault suffered a 15% loss tied to an error in a basis trading strategy involving LAB. The platform framed the event as an isolated operational incident rather than a systemic failure.