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Stream Finance Stablecoin Plunges 77% After Protocol's Fund Manager Loses $93 Million
Stream Finance disclosed late Monday that an external fund manager overseeing its funds lost approximately $93 million in user assets, triggering a 77% crash in the price of its flagship stablecoin and exposing critical vulnerabilities in DeFi's interconnected lending ecosystem. The protocol announced it has suspended all withdrawals and deposits while engaging law firm Perkins Coie to investigate the incident and determine creditor priorities. "We are actively withdrawing all liquid assets and expect this process to be completed in the near term,” Stream Finance wrote on X. tweet "Until we are able to fully ... (full story)
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