Stream Finance founder sues partner, accusing them of misappropriating $93 million in protocol funds to cover personal losses
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Stream Finance founder sues partner, accusing them of misappropriating $93 million in protocol funds to cover personal losses
According to DL News, the founder of DeFi protocol Stream Finance has filed a lawsuit against partners, accusing them of misappropriating $93 million. Court documents show that Stream Trading Corp. (the founder's company) alleges Georgia resident Ryan DeMattia used the funds to cover personal losses after defaulting on a personal loan. Meanwhile, Florida resident Caleb McMeans is accused of failing to meet the terms of an agreement signed in January. McMeans reportedly took control of the Stream protocol in January, then transferred over $90 million to DeMattia for off-chain investments. When the founder requested greater transparency, DeMattia repeatedly delayed, even claiming his laptop was destroyed in a car accident. On November 2, DeMattia admitted to losing nearly all entrusted assets. The lawsuit states that on October 10, facing a margin call on a personal loan and lacking sufficient funds, DeMattia used assets from the Stream protocol.
Navigating Web3 tides with focused insightsTechFlow news, December 12 — According to DL News, the founder of DeFi protocol Stream Finance has filed a lawsuit against its partners, accusing them of misappropriating $93 million.
The legal filing shows that Stream Trading Corp. (the founder's company of Stream Finance) accuses Georgia resident Ryan DeMattia of using the funds to cover his own losses after defaulting on a personal loan. Meanwhile, Florida resident Caleb McMeans is accused of failing to fulfill the terms of an agreement signed in January.
It is reported that McMeans took control of the Stream protocol in January but subsequently transferred over $90 million to DeMattia for off-chain investments. When the founders requested greater transparency, DeMattia repeatedly delayed and even claimed his laptop was destroyed in a car accident.
On November 2, DeMattia admitted to losing nearly all of the entrusted assets. The lawsuit states that on October 10, DeMattia faced a margin call on a personal loan and used Stream protocol assets amid insufficient funds.
