Stream Finance halts withdrawals and deposits after $93 million loss disclosed
Quick Take Stream Finance said an external fund manager disclosed a $93 million loss in its fund assets on Monday. The project has suspended withdrawals and deposits, and is working with a law firm to investigate the incident.
DeFi protocol Stream Finance has temporarily suspended all withdrawals and deposits after an external fund manager overseeing its assets disclosed a loss of roughly $93 million, the company said late Monday night.
Stream Finance said in a post on X that an external fund manager disclosed a $93 million loss in Stream fund assets yesterday, and it is working to withdraw all remaining liquid assets and expects the process to be completed in the near term.
"Until we are able to fully assess the scope and causes of the loss, all withdrawals and deposits will be temporarily suspended," said Stream, noting that it will provide periodic updates for further information.
Pending deposits will not be processed during this time, Stream added.
To investigate the incident, Stream said it is engaging Keith Miller and Joseph Cutler of law firm Perkins Coie LLP to lead the review. Perkins Coie has previously advised a range of fintech firms on legal, compliance, and cybersecurity matters.
Earlier on Monday, security firm Peckshield warned that Staked Stream USD (xUSD) has depegged. It has dropped to $0.53 as of 00:50 a.m. ET Tuesday, according to CoinGecko data .
The Block has reached out to Stream for further information.
This is a developing story.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Galaxy Research Report: What Is Driving the Surge in Zcash, the Doomsday Vehicle?
Regardless of whether ZEC's strong price momentum can be sustained, this market rotation has already succeeded in forcing the market to reassess the value of privacy.
Soros predicts an AI bubble: We live in a self-fulfilling market
When the market starts to "speak": an earnings report experiment and a trillion-dollar AI prophecy.
Soros predicts an AI bubble: We live in a self-fulfilling market
The article uses Brian Armstrong's behavior during the Coinbase earnings call to vividly illustrate George Soros' "reflexivity theory," which posits that market prices can influence the actual value of assets. The article further explores how financial markets actively shape reality, using examples such as the corporate conglomerate boom, the 2008 financial crisis, and the current artificial intelligence bubble to explain the workings of feedback loops and their potential risks. Summary generated by Mars AI This summary was generated by the Mars AI model, and the accuracy and completeness of its content are still being iteratively improved.
In-depth Research Report on Perp DEX: Comprehensive Upgrade from Technological Breakthroughs to Ecosystem Competition
The Perp DEX sector has successfully passed the technology validation period and entered a new phase of ecosystem and model competition.
Trending news
MoreCrypto prices
More
