Summary
- Stream Finance said XUSD failed to maintain a $1 value and disclosed $93 million in losses.
- Stream Finance said it has commissioned a law firm investigation into the loss and is proceeding with the recovery of all liquid assets.
- The company said deposits and withdrawals will be temporarily suspended until the cause and scale of the loss are determined and that XUSD's price plunged 62.1%.
Stream Finance, operator of the stablecoin 'XUSD' (a virtual asset whose value is linked to fiat currency) that failed to maintain a value of $1 and depegged, disclosed that approximately $93 million in Stream Fund assets were lost.
On the 4th (Korean time), Stream Finance said on X (formerly Twitter), "An external fund manager overseeing the Stream Fund disclosed approximately $93 million in Stream Fund asset losses," and "We have currently commissioned the law firm Perkins Coie LLP to investigate."
It added, "Through a proactive investigation we will fully examine the cause and circumstances of this loss," and "We are recovering all liquid assets, and this process will be completed in the short term."
The company explained, "Deposits and withdrawals will be temporarily suspended until the scale and cause of the loss are fully understood," and "Ongoing deposits will not be processed."
Earlier, Stream Finance's XUSD plunged about 20% intraday to $0.92, resulting in depegging. XUSD is currently $0.5504, a 62.1% collapse from the previous day.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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