DeFi platform Stream Finance says it has temporarily halted deposits and withdrawals after an external fund manager overseeing its funds found a $93 million loss in its assets.

The fund manager reported the loss on Sunday and the project has since hired lawyers from Perkins Coie to investigate the incident, the Stream Finance team said in an X post on Monday.

She added: “We are actively working to withdraw all liquid assets and expect to complete this process in the near term.” “We will provide periodic updates as additional information becomes available.”

While Stream Finance investigates the issue, the platform has temporarily suspended withdrawals and will not process any outstanding deposits.

Stream's stablecoin drops by half

Stream Finance is a yield-focused “iterative” DeFi platform that also has a collateralized stablecoin called Staked Stream USD (XUSD).

Related to: Balancer audits are under scrutiny after more than $100 million was exploited

Before Stream Finance went live on

Labs founder Omer Goldberg posted on X about 10 hours before Stream announced that

At the time of writing, the price of XUSD has fallen to a low of $0.51, according to CoinGecko data.

On Friday, Stream Finance posted a letter to

“DefiLlama has determined that recursion is not TVL according to its own definitions. We disagree with this, but to be transparent to users, the website now distinguishes between user deposits (~$160 million) and total assets spread across strategies (~$520 million).”