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Stream Finance disclosed that its fund assets suffered a loss of $93 million, has initiated an investigation, and suspended deposits and withdrawals.
On November 4, Stream Finance announced that “yesterday, the external fund manager responsible for managing Stream's funds disclosed that approximately $93 million in Stream fund assets had suffered losses. In response, Stream is hiring Keith Miller and Joseph Cutler from the law firm Perkins Coie LLP to lead a comprehensive investigation into the matter. We are actively withdrawing all liquid assets, and this process is expected to be completed in the short term. To ensure stakeholders are kept informed, we will provide regular updates as more information becomes available. Until a comprehensive assessment of the extent and causes of the losses is conducted, all withdrawals and deposits will be temporarily suspended, and current deposit applications will not be processed.” Earlier reports indicated that its staked stablecoin Staked Stream USD (XUSD) had depegged, with a 24-hour decline of 22.6%, currently quoted at $0.938.