STREAM FINANCE COLLAPSES, LOSING 93 MILLION USD AND STABLECOIN XUSD FALLS TO 0.28 USD ๐ฅ
๐น Stream Finance reports a loss of 93 million USD due to external fund management, forcing it to freeze 160 million USD in deposits and halt all transactions.
๐น Following the incident, stablecoin XUSD lost its peg to 1 USD, dropping to 0.28 USD, causing panic and mass liquidations.
๐น The project has 520 million USD in TVL, of which 160 million USD is user funds.
๐น The profit farming model with 4x leverage may be the main reason for the collapse.
๐น Prior to this, there were suspicions about poor risk management and hidden leverage in Stream's system.
๐น This incident occurred just one day after the 100 million USD hack of Balancer, marking the second major crash in the DeFi world within 48 hours.
(St)
#BTCDown100k
๐น Stream Finance reports a loss of 93 million USD due to external fund management, forcing it to freeze 160 million USD in deposits and halt all transactions.
๐น Following the incident, stablecoin XUSD lost its peg to 1 USD, dropping to 0.28 USD, causing panic and mass liquidations.
๐น The project has 520 million USD in TVL, of which 160 million USD is user funds.
๐น The profit farming model with 4x leverage may be the main reason for the collapse.
๐น Prior to this, there were suspicions about poor risk management and hidden leverage in Stream's system.
๐น This incident occurred just one day after the 100 million USD hack of Balancer, marking the second major crash in the DeFi world within 48 hours.
(St)
#BTCDown100k