So, I was one of the unfortunate ones that was completely blindsided by this apparent Governance vote to raise the mKO LTV to 130%. While I'm not going to sit here and beg for my position back, I would like an explanation as to exactly how that liquidation worked, and why I got absolutely nothing back in return, despite having 125% of collateral in there at the time. I had $173,000 worth of UST in that loan. I borrowed ~$133,000 worth of mKO. My LTV was suddenly under the allowed limit - fine, I get that, I get liquidated, You take enough of my collateral to buy back the mKO and take the 1.5% in fees to close the loan, and EVEN if you took another couple thousand as a surcharge for liquidation, I should have still been left with something. Instead you took every last penny. Why? I can't find anything in your documents section that elaborates on how liquidations are performed, but this seems sketchy to me. I'm not a programmer, so please don't point me towards a bunch of code. I would really just appreciate a reasonable explanation in layman's terms as to what exactly happened to all my collateral. I thought the point of having an overcollateralized position was to ensure you get back what was borrowed, not that you get to keep all the overcollateralization, but maybe I am wrong.
For the record, here is the TXN Hash:
4F3A1FCE962368F010E030CF878969D7FCCF9BF5AB91F3F3B7B0E204F1DF8C78
So, I was one of the unfortunate ones that was completely blindsided by this apparent Governance vote to raise the mKO LTV to 130%. While I'm not going to sit here and beg for my position back, I would like an explanation as to exactly how that liquidation worked, and why I got absolutely nothing back in return, despite having 125% of collateral in there at the time. I had $173,000 worth of UST in that loan. I borrowed ~$133,000 worth of mKO. My LTV was suddenly under the allowed limit - fine, I get that, I get liquidated, You take enough of my collateral to buy back the mKO and take the 1.5% in fees to close the loan, and EVEN if you took another couple thousand as a surcharge for liquidation, I should have still been left with something. Instead you took every last penny. Why? I can't find anything in your documents section that elaborates on how liquidations are performed, but this seems sketchy to me. I'm not a programmer, so please don't point me towards a bunch of code. I would really just appreciate a reasonable explanation in layman's terms as to what exactly happened to all my collateral. I thought the point of having an overcollateralized position was to ensure you get back what was borrowed, not that you get to keep all the overcollateralization, but maybe I am wrong.
For the record, here is the TXN Hash: 4F3A1FCE962368F010E030CF878969D7FCCF9BF5AB91F3F3B7B0E204F1DF8C78