Stream Finance Hacklendi, Coin Fiyatı Yüzde 50 Düşüşte.

A significant development has occurred in the cryptocurrency world. The decentralized finance protocol Stream Finance reported a loss of 93 million dollars, raising concerns among investors. This situation led to a temporary suspension of all withdrawal and deposit transactions on the platform.

Following the incident, experts indicated that this loss could lead to an indirect risk of 285 million dollars. Stream Finance has intensified its efforts to ensure the safety of existing liquid assets after the damage caused by an external fund manager, and conveyed that developments would be resolved in a short time.

Stream Finance decided to collaborate with the law firm Perkins Coie LLP to investigate the origins of the incident. The investigations will be conducted by Keith Miller and Joseph Cutler. Security firm PeckShield reported that Stream Finance's stablecoin xUSD dropped from 1 dollar to 0.53 dollars.

An analysis conducted by the independent research community YieldsAndMore (YAM) indicates that the effects of this crisis could escalate up to 285 million dollars. Analysts noted that Stream Finance's debts were spread across seven different networks, and this situation could have affected many institutions such as Elixir, MEV Capital, Varlamore, TelosC, and Re7 Labs. Notably, the 68 million dollar loan in Elixir's stablecoin called “deUSD” represents 65% of the protocol's total collateral.

According to YAM's preliminary findings, the root cause of the crisis is based on a rehypothecation model that relies on the reuse of collateral across multiple platforms. Stream Finance was using synthetic assets such as xUSD, xBTC, and xETH as collateral on different DeFi platforms. However, this situation increased the risk of liquidity imbalance and cascading failures.

The Stream Finance crisis marks the third major issue in the DeFi space. Recently, a cyber attack occurred on the Balancer protocol, resulting in a loss of 128 million dollars, while the Moonwell platform suffered a loss of 1 million dollars due to oracle manipulation. These events at the beginning of November caused a total loss of 222 million dollars, and experts emphasize that DeFi systems need to reassess their highly interconnected collateral structures.