BlockBeats news, on November 11, due to the collapse of the DeFi protocol Stream Finance, one major investor told BlockBeats that he has over $100 million in deposits that cannot be withdrawn, and currently, the platform has no follow-up solutions.
According to the victim's statement to BlockBeats, he learned about Stream Finance's insolvency crisis after the official Twitter disclosed a loss of $93 million at the beginning of November, which led to a large amount of investor funds being frozen. He immediately attempted to withdraw funds but found that the protocol's liquidity had completely dried up.
The victim's assets are mainly distributed across the Euler protocol, with approximately $82 million USDT stored across three addresses. Additionally, there are 233.3 BTC (approximately $24.5 million) stored in Silo, totaling over $107 million in trapped funds. The addresses are as follows:
0xa38d6e3aa9f3e4f81d4cef9b8bcdc58ab37d066a; Euler: 57 million USDT;
0x0c883bacaf927076c702fd580505275be44fb63e; Euler: 3.8 million USDT;
0x673b3815508be9c30287f9eeed6cd3e1e29efda3; Euler: 22 million USDT;
0x5f8d594f121732d478c3a79c59bcd02823b6e7a3; Silo: 233.3 BTC;
Currently, the deposit function of the Stream Finance protocol has been closed, and user funds are in a completely frozen state. Due to the protocol's design mechanism, withdrawal limits can only be released when new funds are deposited, but with the deposit function closed, this mechanism has completely failed. Since the last tweet statement was released on November 4, the official has not provided any follow-up information or solutions.
In several victim advocacy groups, some investors have attempted to seize limited liquidity through technical means, even resorting to tactics like "bot racing." It has been reported that some investors have fallen victim to scams after trusting others who claimed to provide technical assistance, resulting in losses after transferring deposit certificates, leading to chaos in the community.
Previously, independent DeFi analyst YieldsAndMore estimated that the Stream Finance collapse involved a debt exposure of $285 million across multiple DeFi protocols, with the largest associations being TelosC ($123.6 million), Elixir ($68 million), and MEV Capital ($25.4 million). The team stated that the losses are significant, the resolution methods are unclear, and more stablecoins and liquidity pools may be affected. Research results indicate that the largest single risk exposure belongs to Elixir's deUSD, which lent $68 million USDC to Stream, accounting for about 65% of deUSD's total reserves. For more details, you can read “The potential $8 billion bomb in DeFi has only exploded $100 million so far.”
Due to the decentralized nature of related affected protocols like Euler, Morpho, and Silo, there is little room for intervention. Multiple parties are preparing to file lawsuits, but the progress of the lawsuits and the possibility of recovering funds remain unclear. For trapped investors, the only option is to follow the official channels of the relevant projects for updates, and the timeline for asset unfreezing is still uncertain.
This incident once again exposes systemic issues in the DeFi ecosystem, such as recursive leverage, inter-protocol contagion, and lack of risk management. Even though the Stream team claimed that its positions enjoyed "full redemption rights for every dollar," in extreme cases, this promise relies on the liquidity and health of the underlying assets; once the underlying assets default, this promise becomes meaningless. Creditors only learned about the full risk exposure through third-party analysis afterward, indicating that the current DeFi ecosystem has significant shortcomings in risk disclosure and real-time auditing.
The composability of DeFi is like a double-edged sword; it can efficiently recycle capital and enhance returns when the market is favorable, but it also allows risks to rapidly penetrate multiple protocol layers, forming a complex network of risk exposure.
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