Stream Finance: Currently exploring solutions for asset liquidation and distribution
Foresight News reports that DeFi yield protocol Stream Finance announced on Twitter that Stream Soft Holding Company is seeking ways to maximize the value of client and creditor assets, with the aim of integrating, liquidating, and distributing assets as swiftly and prudently as possible. The team is currently considering several strategic alternatives that require the involvement of clients and creditors, and expects to provide more details in the coming weeks.
According to a previous Foresight News report citing DL News, the founding team of Stream Finance has filed a lawsuit against its partners in a U.S. federal court, accusing them of misappropriating $93 million of protocol assets to cover personal liquidation losses, and falsely claiming a "car accident destroyed their laptop" to delay disclosure. The lawsuit states that Caleb McMeans, who took over protocol operations, handed over more than $90 million in assets to Ryan DeMattia, who had no formal relationship with the protocol, for offline management. During the ETH crash in October, DeMattia faced forced liquidation due to insufficient loan collateral and subsequently used Stream assets to cover losses, ultimately resulting in the near total loss of protocol assets. The Stream team accuses McMeans of negligence, refusal to take responsibility, and previously transferring $2.1 million of protocol assets into a personal wallet. The team is now asking the court to rule that McMeans breached their obligations and to enforce the protocol’s terms.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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