Stream Finance halts deposits and withdrawals after detecting abnormal losses…$93 million
Summary
- Stream Finance announced it carried out a full suspension of deposit and withdrawal functions after confirming $93 million in asset losses.
- The platform's stablecoin (Staked Stream USD, XUSD) reportedly saw its $1 peg collapse and fall to $0.51.
- Analysts suggested that market unrest caused by recent events such as the Balancer hack influenced this situation.
Decentralized finance (DeFi) platform Stream Finance has suspended deposits and withdrawals after confirming asset losses of $93 million.
On the 3rd (local time), Cointelegraph reported that Stream Finance suspended deposits and withdrawals after discovering asset losses of $93 million. It added, "We are currently recovering liquid assets and expect recovery to be completed in the near future," and "We will provide periodic updates depending on the progress of the investigation."
As a result of the incident, the platform's stablecoin 'Staked Stream USD (XUSD)' lost its $1 peg and plunged to $0.51.
DeFi analyst Omer Goldberg said, "XUSD has been significantly depegged from its target," and noted that market unrest had intensified following a $100 million hack on the automated market maker (AMM) Balancer a few days earlier.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
