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A decen project called Stablegains told investors it was backing everything with USDC.
After research, it was discovered that it was actually backed by UST.
This of course meant that a lot of people lost a LOT of money - to the tune of $44 million.
Stablegains is the subject of a class action lawsuit over the finding - but it's refusing to release funds unless people back off the lawsuit due to a single sentence in the terms & conditions.
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"Crypto Hurts People of Color"?, Coinbase Patches Vulnerability They Were Unaware Of, And We Cover ShibDoge (ShibaDoge)
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It's not even over yet, but the situation with the Terra fallout is important to at least be aware of. It affects your portfolio...
