Stream Finance halts withdrawals and deposits after $93 million loss disclosed

DeFi protocol Stream Finance has temporarily suspended all withdrawals and deposits after an external fund manager overseeing its assets revealed a loss of approximately $93 million. The company announced this on Monday night, stating it is working to withdraw all remaining liquid assets in the near term. Until the scope and causes of the loss are fully assessed, all deposits will remain unprocessed. Stream Finance has engaged Keith Miller and Joseph Cutler of the law firm Perkins Coie LLP to lead the investigation into the incident. This action followed an earlier warning from security firm Peckshield that Staked Stream USD (xUSD) had depegged, dropping significantly below its intended value.

(Source：The Block)