{"id":556264,"date":"2023-02-25T00:00:00","date_gmt":"2023-02-24T21:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/yield-platform-stablegains-sued-for-promoting-ust-finance-redefined\/"},"modified":"2023-02-25T00:00:00","modified_gmt":"2023-02-24T21:00:00","slug":"yield-platform-stablegains-sued-for-promoting-ust-finance-redefined","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/yield-platform-stablegains-sued-for-promoting-ust-finance-redefined\/","title":{"rendered":"# Yield platform Stablegains sued for promoting UST: Finance Redefined"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26b6dd67481\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26b6dd67481\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/yield-platform-stablegains-sued-for-promoting-ust-finance-redefined\/#%E2%80%9D_Yield_platform_Stablegains_sued_for_promoting_UST_Finance_Redefined_%E2%80%9C\" >&#8221; Yield platform Stablegains sued for promoting UST: Finance Redefined   &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/yield-platform-stablegains-sued-for-promoting-ust-finance-redefined\/#Yield_platform_Stablegains_sued_for_promoting_UST_as_a_%E2%80%98safe_investment\" >Yield platform Stablegains sued for promoting UST as a \u2018safe\u2019 investment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/yield-platform-stablegains-sued-for-promoting-ust-finance-redefined\/#Platypus_to_work_on_compensation_plan_after_85M_attack\" >Platypus to work on compensation plan after $8.5M attack<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/yield-platform-stablegains-sued-for-promoting-ust-finance-redefined\/#MakerDAO_voting_on_100M_loan_participation_with_Florida_commercial_bank\" >MakerDAO voting on $100M loan participation with Florida commercial bank<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/yield-platform-stablegains-sued-for-promoting-ust-finance-redefined\/#DeFi_security_How_trustless_bridges_can_help_protect_users\" >DeFi security: How trustless bridges can help protect users<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/yield-platform-stablegains-sued-for-promoting-ust-finance-redefined\/#DeFi_market_overview\" >DeFi market overview<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Yield_platform_Stablegains_sued_for_promoting_UST_Finance_Redefined_%E2%80%9C\"><\/span>&#8221; Yield platform Stablegains sued for promoting UST: Finance Redefined   &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights \u2014 a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter crafted to bring you significant developments over the last week.<\/p>\n<p>The backlash from the Terra implosion still haunts the crypto world, with the now-shuttered stablecoin yield platform Stablegains being sued for customer losses. The plaintiffs allege that the platform funnelled customer funds into Anchor Protocol without users\u2019 knowledge or consent.<\/p>\n<p>Platypus, the DeFi protocol that was exploited for over $8 million, is working on a compensation plan to recover some of the funds. <\/p>\n<p>Florida\u2019s Cogent Bank is proposing a $100 million participation in loans to MakerDAO\u2019s RWA Master Participation Trust. <\/p>\n<p>Bridge protocols were the primary target of exploits last year, amounting to hundreds of millions of dollars worth of stolen funds. Trustless bridges can mitigate the issue, enabling cross-chain transfers without needing a centralized custodian, potentially making it a safer option for interoperability.<\/p>\n<p>After nearly four weeks of a bullish run, the DeFi market is fighting a brave battle against the bears. There were minor price drops, and the market\u2019s overall slightly declined as bears had the upper hand toward the end of the week.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Yield_platform_Stablegains_sued_for_promoting_UST_as_a_%E2%80%98safe_investment\"><\/span>Yield platform Stablegains sued for promoting UST as a \u2018safe\u2019 investment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>DeFi yield platform Stablegains is being sued in a Californian court for allegedly misleading investors and failing to comply with securities laws.<\/p>\n<p>On Feb. 18, the plaintiffs, Alec and Artin Ohanian, filed a complaint in the United States District Court for the Central District of California, alleging that the shuttered DeFi platform diverted all its customer funds to the Anchor Protocol without their knowledge or consent. Anchor Protocol offered up to 20% yields on Terraform Labs\u2019 algorithmic stablecoin, Terra USD (UST).<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Platypus_to_work_on_compensation_plan_after_85M_attack\"><\/span>Platypus to work on compensation plan after $8.5M attack<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The $8.5 million Platypus flash loan attack was made possible because of code that was in the wrong order, according to a post-mortem report from Platypus auditor Omniscia. The DeFi firm is working on a compensation plan for users\u2019 losses after a flash loan attack drained nearly $8.5 million from the protocol, affecting its stablecoin dollar peg.<\/p>\n<p>In a tweet on Feb. 18, Platypus said it was working on a plan to compensate for the damages and asked users not to realize their losses in the protocol, saying this would make it harder for the company to manage the issue. Asset liquidations are also paused, the protocol said.<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"MakerDAO_voting_on_100M_loan_participation_with_Florida_commercial_bank\"><\/span>MakerDAO voting on $100M loan participation with Florida commercial bank<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Crypto lending platform MakerDAO is voting on a new proposal to bring another commercial bank into its ecosystem, strengthening the connection between DeFi and traditional finance. <\/p>\n<p>As per MakerDAO\u2019s governance forum, Cogent Bank \u2014 a Florida-based commercial bank \u2014 proposes to participate with $100 million in loans to MakerDAO\u2019s RWA Master Participation Trust.<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"DeFi_security_How_trustless_bridges_can_help_protect_users\"><\/span>DeFi security: How trustless bridges can help protect users<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Blockchain bridges allow DeFi users to use the same tokens across multiple blockchains. For example, a trader can use USD Coin (USDC) on the Ethereum or Solana blockchains to interact with those networks\u2019 decentralized <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications.<\/p>\n<p>While these protocols may be convenient for DeFi users, they are at risk of exploitation by malicious actors. For example, in the past year, the Wormhole bridge \u2014 a popular cross-chain crypto bridge between Solana, Ethereum, Avalanche and others \u2014 was hacked, with attackers stealing over $321 million worth of wrapped Ethereum (wETH), the largest hack in DeFi history at the time.<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"DeFi_market_overview\"><\/span>DeFi market overview<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analytical data reveals that DeFi\u2019s total market value dipped below $50 billion this past week. Data from Cointelegraph Markets Pro and TradingView shows that DeFi\u2019s top 100 tokens by market capitalization had a mixed week, with most of the tokens trading in green while a few others bled in red.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/8d910740-cbae-4092-b36b-d59f205b7b32.png\"><\/figure>\n<p>Thanks for reading our summary of this week\u2019s most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamically advancing space.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/yield-platform-stablegains-sued-for-promoting-ust-finance-redefined\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Yield platform Stablegains sued for promoting UST: Finance Redefined &#8220; Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights \u2014 a newsletter crafted to bring you significant developments over the last week. The backlash from the Terra implosion still haunts the crypto world, with the now-shuttered stablecoin yield platform Stablegains&#8230;<\/p>\n","protected":false},"author":1,"featured_media":556265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/3888b98c-e077-4b16-a11b-da22e49a97c6.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,74868,74882,122378,70944,73808,70934],"class_list":["post-556264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-defi","tag-hacks","tag-terra","tag-hackers","tag-loans","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/556264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=556264"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/556264\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/556265"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=556264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=556264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=556264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}