Stream Finance accuses partner of misappropriating $93 million of protocol assets to cover liquidation losses

BlockBeats News, December 12th. The founding team of Stream Finance has filed a lawsuit in the United States federal court against a partner, accusing them of embezzling $93 million of protocol assets to cover personal liquidation losses and falsely claiming that a "car accident destroyed the notebook" to delay disclosure. The lawsuit alleges that Caleb McMeans, who took over the protocol's operating rights, entrusted over $90 million in assets to Ryan DeMattia, who had no formal relationship, for offline management. DeMattia was liquidated due to insufficient personal loan collateral during the October ETH crash and subsequently used Stream's assets to cover the shortfall, ultimately resulting in almost total depletion of the protocol's assets.

The Stream team accuses McMeans of negligence, refusal to take responsibility, and transferring $2.1 million of protocol assets to a personal wallet, and now requests the court to rule on his breach of contract and enforce protocol obligations. (DL News)