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Stream Finance has disclosed that its fund assets have suffered a $93 million loss, and has initiated an investigation while suspending deposits and withdrawals.
BlockBeats News, November 4th, Stream Finance issued a statement stating, "Yesterday, an external fund manager responsible for managing Stream funds disclosed that around $93 million of Stream fund assets have been lost. In response, Stream is currently engaging the law firm Perkins Coie LLP's Keith Miller and Joseph Cutler to lead a comprehensive investigation into the incident.
We are actively withdrawing all liquid assets and expect this process to be completed in the short term. To ensure that stakeholders are promptly informed of the situation, we will provide regular updates as more information becomes available. Withdrawals and deposits will be temporarily suspended until a full assessment of the extent and causes of the loss has been made, and pending deposit requests will not be processed."
Previously reported, its collateralized stablecoin Staked Stream USD (XUSD) has already become unpegged, with a 24-hour drop of 22.6%, currently trading at $0.938.
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