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May 20, 2022 02:40 pm
Original Link: https://news.slashdot.org/story/22/05/20/1433211/users-threaten-to-sue-after-yield-generation-project-stablegains-loses-44-million-in-terra-collapse?u
Users Threaten To Sue After Yield Generation Project Stablegains Loses $44 Million in Terra Collapse
A class action law firm sent a letter to the yield generation project Stablegains, demanding records on customer accounts, marketing and advertising strategies, and communications relating to the Terra stablecoin. Web3 is Going Great reports: [...] Unfortunately for their customers, it turned out that Stablegains was heavily invested in the Terra project's Anchor protocol, which collapsed along with the rest of the Terra ecosystem last week. Stablegains' website had stated they primarily generated yields through the asset-backed stablecoin USDC. However, after the collapse of Terra, Stablegains admitted that "All users' holdings are in UST" -- which lost over 90% of its value. Stablegains was part of Y Combinator's W22 batch and had received over $3 million in funding from several venture capital firms, including SNO Ventures, Moonfire and Goodwater Capital.Read more of this story at Slashdot.
Original Link: https://news.slashdot.org/story/22/05/20/1433211/users-threaten-to-sue-after-yield-generation-project-stablegains-loses-44-million-in-terra-collapse?u
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