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Stablegains Showing The Fallout of Luna

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Cesc0410
@chekohler
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3 min read

Yield generation app Stablegains could be facing a class-action lawsuit after the company aped their customer funds into the Luna/Anchor ponzi and as a result lost more than $44 million.

Stablegains, looked to target normies who don't know shit about fuck but want to earn a return on their USD balance. You'd trust this third-party custodian with your funds and get 15% APY back for depositing your money. Simple man, its like a bank anyone can do it, just download the app.

Like a bank, you don't know where your funds are going and Stablecoins were putting it into anchor scoring that subsidized 20% APY, giving you, your attractive yield on paper and pocketing 5%. Now you as a greedy noob looking to beat out inflation and chasing up a risk curve you don't understand continue to leave your money with said custodian because you're making sick gains bro.

Your greed leads you down a path, where sunk costs keep you roped into something that isn't what it claims to be, but who am I? Just a lowly blogger.

As fate would have it this was not meant to last.

I called this a few weeks before it blew up but no one would listen, because I am close-minded, stupid, and toxic. I know nothing about shitcoins despite having owned them in the past and been in the space for 7 years.

A great thread on the topic

Customer fallout

Understandably, whenever you lose money being a degenerate gambler you don't blame yourself, you blame the casino. Those darn charlatans made off with money I willingly gave them and could have pulled out at any time.

It's not my fault I don't do my due diligence or price risk on my positions, I want to make money without working.

Customers who had deposited their funds are now seeking legal assistance to try and get some of that money back. The claims are that there was misleading asset allocations and deceptive advertising, while Stablegains also appears to be attempting to trick its customers into signing away their right to sue the company.

Now those who didn't get burned like some of you reading this, think you're too smart to get caught in a ponzi, you know what you're doing. But in truth you are exit liqudity all the same

Shitcoin contagion

The dust is still settling and various people, projects, and institutions are accessing the damage and trying to cover their asses due to their exposure to Luna. The full impact of Terra’s collapse is still unknown, and in the months ahead we will see where the bodies are buried.

Sources:

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