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Stream Finance Loses $93M in User Funds, Sparks DeFi Market Turmoil

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Stream Finance, a DeFi protocol, lost $93 million in user funds due to an external fund manager, triggering a freeze on all deposits and withdrawals. The incident caused its stablecoin xUSD to drop 77% and impacted platforms like Morpho, Euler, and Silo. A lawsuit revealed the loss came from Ryan DeMattia, who used the funds to cover a personal margin call. The xUSD’s recursive lending structure exposed $285 million in debt across the DeFi market cap.
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