Decentralized finance (DeFi) protocol Stream Finance has suddenly suspended all withdrawals and deposits after an external fund manager reported a devastating $93 million loss of the protocol's assets.
The suspension, announced on Monday evening, leaves users without access to their funds indefinitely.
Stream has stated that it is working to secure its remaining liquid assets and has hired attorneys from Perkins Coie to investigate the "scope and causes" of the massive loss, offering little immediate reassurance to affected users.
The stablecoin Staked Stream USD (xUSD) lost its peg to the dollar on Monday and has since plummeted to $0.53, according to data from CoinGecko.