「Biggest DeFi Rug Pull Victim」 Loses Over $100 Million, Funds Currently Unable to Be Withdrawn

By: blockbeats|2026/04/18 05:15:52
0
Share
copy

BlockBeats News, November 11th, due to the DeFi protocol Stream Finance's collapse, a whale told BlockBeats that they have over $100 million deposited but cannot withdraw it, and the platform currently has no follow-up solution.

According to the victim's statement to BlockBeats, they learned in early November from a news channel that Stream Finance disclosed a $93 million loss on its official Twitter account, only then realizing that Stream Finance was in a solvency crisis, with a large amount of investor funds frozen. They immediately tried to withdraw but found that the protocol's liquidity had been completely drained.

The victim's assets are mainly distributed in the Euler protocol, with around $82 million USDT held across three addresses. Additionally, 233.3 BTC (around $24.5 million) is stored in Silo, totaling trapped funds exceeding $107 million. The addresses are:

1. 0xa38d6e3aa9f3e4f81d4cef9b8bcdc58ab37d066a; Euler: $57 million USDT;

2. 0x0c883bacaf927076c702fd580505275be44fb63e; Euler: $3.8 million USDT;

3. 0x673b3815508be9c30287f9eeed6cd3e1e29efda3; Euler: $22 million USDT;

4. 0x5f8d594f121732d478c3a79c59bcd02823b6e7a3; Silo: 233.3 BTC;

Currently, the Stream Finance protocol's deposit function has been disabled, 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. However, in the case where the deposit function has been disabled, this mechanism has completely failed. Since the last tweet was posted on November 4th, the official team has not released any further information or solutions.

In several victim rights protection groups, some investors have attempted to seize limited liquidity through technical means, with attempts even made using methods such as "bot racing." It is understood that some investors have been scammed by trusting others who claimed to provide technical assistance, resulting in transferring deposit credentials and suffering losses, causing chaos in the community.

Prior to this, according to independent DeFi analyst YieldsAndMore's analysis and estimation, the Stream Finance collapse event involved a debt exposure across multiple DeFi protocols amounting to $285 million, where TelosC ($123.6 million), Elixir ($68 million), and MEV Capital ($25.4 million) had the largest ties. The team stated substantial losses, an uncertain problem resolution approach, and potentially more stablecoins and liquidity pools affected. Research results show that the largest single risk exposure belongs to Elixir's deUSD, where the protocol lent $68 million USDC to Stream, an amount representing around 65% of deUSD's total reserve.

Due to the decentralized nature of protocols such as Euler, Morpho, Silo, and others affected, there is little room for intervention. A multi-party legal team is preparing to file a lawsuit, but the progress of the lawsuit and the likelihood of fund recovery are currently unclear. For trapped investors, the only option at the moment is to stay informed through official channels of the respective projects, as the timeline for asset thawing remains uncertain.

This event once again exposes systemic issues in the DeFi ecosystem, such as recursive leverage, protocol contagion, and lack of risk management. Even though the Stream team claimed that its position had "full redemption rights per dollar," in extreme circumstances, this commitment relies on the liquidity and health of the underlying assets. Once the underlying assets default, this commitment becomes meaningless. Creditors only learned the comprehensive risk exposure through third-party analysis after the fact, indicating a significant gap in risk disclosure and real-time auditing in the current DeFi ecosystem.

The composability of DeFi is a double-edged sword. It can efficiently recycle capital and increase returns in a bullish market, but it also allows risk to quickly penetrate multiple protocol layers, forming a complex network of risk exposure.

-- Price

--

You may also like

How to choose between buying discounted ETH, Bitmine, and SharpLink?

The answer may not lie in whose story is told better, but in specific dimensions such as cost of holding, financing ability, liquidity, and whether the narrative can be realized.

Do you want to buy CRCL?

A detailed breakdown of Circle's business fundamentals and valuation logic: The panic over OUSD and the market correction have triggered a short-term mispricing, presenting an opportunity for left-side positioning and legislative speculation below $60.

Wosh: Inflation has cooled in recent weeks, AI is reshaping the economy, and forward guidance has lost its necessity

Federal Reserve Chairman Waller clearly stated at the ECB forum that the Fed will abandon forward guidance on interest rates, with future decisions relying entirely on real-time economic data. He noted that inflation risks in the U.S. have decreased over the past four weeks, but the ultimate impact ...

The most secretive AI winner

A century-old company that sells toilets and produces MSG has seen its stock price soar by "positioning" core materials for AI chips. This article clarifies the explosive opportunities for domestic substitution of semiconductor materials in the A-share market.

Looking at Stripe's ambitions and the future of stablecoins from OUSD

Stripe enters the stablecoin network battle with OUSD, a comprehensive look at the third paradigm evolution of digital dollars and the new infrastructure for global payments in the AI era.

From Pump.fun to Collector Crypt: Has Solana's income throne changed hands?

The revenue from consumer applications on Solana is no longer solely reliant on meme coin issuance, but is gradually spreading to more consumption scenarios.

Contents

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com