Stream Finance halts operations after $93 million loss.
DeFi protocol Stream Finance has temporarily suspended withdrawals and deposits after an external fund manager disclosed a loss of $93 million in project assets.
According to the statement, the team has enlisted experts from the law firm Perkins Coie LLP to investigate the incident. The platform does not plan to resume operations until the causes of the losses are clarified and the full extent of the situation is assessed.
“We are actively withdrawing all liquid assets and expect this process to be completed shortly,” the developers added.
Peckshield noted the depegging of the Staked Stream USD (xUSD) token.
Over the past month, the coin consistently traded around $1.26, reaching an all-time high of $1.29 on October 10 (CoinGecko).
On November 4, its value plummeted to a record low of $0.3. Subsequently, the xUSD rate recovered to approximately $0.37, with a market capitalization of $117.8 million.
The total value locked in Stream Finance fell from nearly $204 million at the end of October to approximately $98 million (DeFi Llama).
