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Plaintiffs Alec and Artin Ohanian filed a complaint in the US District Court for the Central District of California on Feb. 18, alleging that Stablegains diverted all customer Alec and Artin Ohanian, the plaintiffs in the federal lawsuit filed on February 18 in the Central District of California, claim that without their permission or knowledge, the defunct DeFi According to the lawsuit, Stablegains was diverting users’ funds without their knowledge and consent. The plaintiffs allege that Stablegains moved all of its customer funds The now-shuttered stablecoin yield platform is being sued for customer losses after allegedly funneling customer funds into Anchor Protocol without users’ knowledge Stablegains is allegedly being sued for taking money from customers, and without their knowledge putting it in Anchor Protocol. Investors awoke to find that their USDC According to a report published by a popular newsletter Finance Redefined, the yield platform Stablegains has been sued for promoting UST. Defi, also known as

Stablegains Lawsuit: Allegations of Undisclosed UST Investment Spark Investor Outrage

Stablegains, the now-shuttered stablecoin yield platform, is facing serious legal challenges after allegedly funneling customer funds into Anchor Protocol without users’ knowledge. This has led to significant customer losses, with investors waking up to find that their USDC had been impacted by the UST collapse.

According to a report published by a popular newsletter Finance Redefined, the yield platform Stablegains has been sued for promoting UST. The lawsuit alleges that Stablegains is being sued for taking money from customers and, without their knowledge, putting it in Anchor Protocol, specifically the Anchor Protocol’s high-yield savings product. This product promised unusually high returns, attracting many investors seeking yield in the volatile Defi, also known as Decentralized Finance, space.

Plaintiffs Alec and Artin Ohanian filed a complaint in the US District Court for the Central District of California on Feb. 18. Plaintiffs Alec and Artin Ohanian, the plaintiffs in the federal lawsuit filed on February 18 in the Central District of California, claim that without their permission or knowledge, the defunct DeFi platform made risky investment decisions with their money. The core of the complaint revolves around the claim that Stablegains allegedly put investors' money into UST without their knowing.

According to the lawsuit, Stablegains was diverting users’ funds without their knowledge and consent. The plaintiffs allege that Stablegains moved all of its customer funds into Anchor Protocol, a move they claim was unauthorized and directly led to significant financial harm. The lawsuit highlights that Stablegains diverted all customer funds

This case raises important questions about transparency and risk disclosure in the DeFi sector. The legal proceedings are ongoing, and the outcome could have significant implications for the future of stablecoin yield platforms and investor protection within the decentralized finance ecosystem.

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