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The Stream protocol had a major incident yesterday.
An external manager responsible for the Stream fund management disclosed that approximately $93 million in assets has gone missing. The specific loss mechanism has not been made public, but the Stream officials responded quickly – all withdrawal and deposit functions have been urgently frozen.
The XUSD stablecoin has plummeted. This token, which was supposed to be pegged to the US dollar, fell over 28% in a single day, causing market confidence to collapse instantly. Holders are in a panic, and liquidity in the secondary market is nearly exhausted.
Another case of DeFi fund management going out of control. Is it a risk control loophole from external fund managers? An internal operational error? Or is there a darker possibility? The Stream team owes investors a complete explanation.
The suspension of deposits and withdrawals is just the first step to stop the bleeding. How to fill the 93 million hole? How to restore XUSD's peg? The subsequent fermentation of this crisis has just begun.