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Stablegains Showing The Fallout of Luna by chekohler

View this thread on: hive.blog |  peakd.com |  ecency.com
hive-167922 · @chekohler ·
$8.60
Stablegains Showing The Fallout of Luna
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. 

![stablegains.png](https://images.hive.blog/DQmcXyEt7CNu2N6ToNteY53TJnPCTZXxV26Gj7msoF7pXkh/stablegains.png)

## A great thread on the topic

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Yikes. <a href="https://twitter.com/stablegains?ref_src=twsrc%5Etfw">@stablegains</a> took USDC and USD via wire from customers promising them 15%, put it all into Anchor without telling them, and skimmed 4% off the top. They have now changed the denominations in their app from USD to UST and are nuking the landing page &amp; old terms. (1/2) <a href="https://t.co/D6sVOI2bRG">pic.twitter.com/D6sVOI2bRG</a></p>&mdash; FatMan (@FatManTerra) <a href="https://twitter.com/FatManTerra/status/1527153694218797058?ref_src=twsrc%5Etfw">May 19, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

## 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:** 

- [thedefiant.io](https://thedefiant.io/stablegains-rekt/)
- [cryptobriefing.com](https://cryptobriefing.com/yield-app-stablegains-faces-lawsuit-after-losing-44m-on-ust/)

## Have your say

What do you good people of HIVE think? 

So have at it my Jessies! If you don't have something to comment, "I am a Jessie."

## Let's connect

If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler  and subscribe to my [fanbase](https://hive.vote/dash.php?i=2&fan=chekohler)


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@bitcoinflood · 
It's sad when you look at how tied everything has become to stablecoins and them just piggy backing off of each other. Huge domino effect if one fails. Take centralization to a whole new level when you get that.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@bitcoinflood/re-chekohler-7wcnmz)
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@chekohler · 
Yeah it always has and always will trend towards central points of failure, its why people have little appreciation for the trade offs bitcoin makes to remain decentralised and actively push to not only remain that way but expand its level of decentralisation
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@boscohage · 
It's not a sad one for TerraLabs but deserved, apparently Do Kwon masterminded the fall.

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@chekohler · 
Lol I’m not interested in the conspiracy theories and copium
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@boscohage · 
No one is, it's just staring in our faces now.

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@fabian98 · 
San tomas, Do Kwon before terra fell was already making strange moves, of course it is not confirmed but they are already facing legal problems.

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@fabian98 · 
I think so too, although it remains to be confirmed.

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@director.rar · 
Oh boy. There had to be at least one story like that.

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@chekohler · 
I don't think this is the final one, there are plenty of bodies still buried that need to surface, I am sure a lot of funds and exchanges piled in and blew a hole in their balance sheets, you don't get up to 40 billion without considerbale backing
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@dwayne16 ·
RE: Stablegains Showing The Fallout of Luna
This is one of the reason so many people dislike banks, investing my money without disclosing what you doing with my money. Sometimes investing in crypto and knowing fully well where your is going is under appropriated 

Posted using [LeoFinance Mobile](https://leofinance.io)
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@chekohler · 
Explain to me how you know where your funds are being used when you lock it in a smart contract with a validator to rehypohticate? I'd love to know
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@fabian98 · 
But it is much better to apply the saying your keys your coins, so if you invest in rypto but staking in a defi is the same, it is best to do hold or trading.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@fabian98/re-dwayne16-69qu6f)
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@chekohler · 
Agreed! Unless you self custody your bitcoin you don't know where your money is going, everything else even crypto is 3rd party risk
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@fabian98 · 
Since I started to see legal problems with luna and terra I knew that there was much more behind, little by little the rats' nests are being uncovered.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@fabian98/re-chekohler-4yqvny)
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@l337m45732 · 
I wrote about this not too long ago. Sad that the did this to these poor people without even disclosing it.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@l337m45732/re-chekohler-3fnyaj)
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@boscohage · 
Damn TerraLabs, it'd be a ruin on those rushing now but it's fall is ready again.

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@fabian98 · 
Well one consolation is that if you are skilled and do the due analicis you can make money pumping and unloading LUNA.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@fabian98/re-boscohage-4quqdy)
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vote details (1)
@chekohler · 
Drop me the link, let me check it out
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@l337m45732 · 
Sure, thanks for your support.

https://leofinance.io/@l337m45732/the-luna-ust-fiasco-isn-t-over-just-yet-or-stablegains-lawsuit

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@l337m45732/re-chekohler-6tbmkx)
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@fabian98 · 
Well, it's just like in traditional businesses where scammers promise wonders but rip people off.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@fabian98/re-l337m45732-46dic)
properties (22)
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@marvinix · 
**One of the reasons why I don't invest in Funds of funds.**

But wait, they are not aware of their money being pumped into Luna...that's where transparency & trust is of great essence when trying to put your cents into anything out there. 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@marvinix/re-chekohler-46xyux)
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vote details (1)
@chekohler · 
Why take 3rd party risk when you don't have to, and just hold your own keys via your own node and store your wealth in the hardest money ever
properties (22)
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@mykos · 
yes i think we have to be honest with ourselves and go am i that greedy guy who just wants quick big gains and i don't really even care if it's a scam. If you're that guy then you already kinda signed the deal that i'm a two bit gambler i know these aren't  products that people will use or change the world.

i don't care i just wanna make money. If you're that guy then you've already signed on to be a loser more than likely. The question is are you really being honest with yourself. For many crypto people they are willingly and directly lying to themselves i don't know if that's because they idiots or crazy desperate.. i don't know, lol. What i do know is they are copiable and at this point have to be aware even if they weren't before and have some perspective of what's going on and their roles in it.

At this point i don't think they are just completely ignorant. Which makes them at fault most of the time. 

You're right about market cap.. if hive has a market cap of about $300 million here's the stark reality. of that $300 million only about maybe $9 million of it may even be real. Which means you don't really have access to the money in your porffolio. Likely if most people tried to take it out they'd find they have very little. That shocks some people

So first off you don't really have the money and if it weren't for the lockup period which many argue about.. THey probably shouldn't though because if they were ever to have same day payouts and no powerdown period their little blockchain would collapse into shambles.

Luna was the best thing to happen to crypto because nothing wakes people up like experience of disaster. We can predict them and we can theorize about them. The thing about luna and all these algorithmic stable coin theories .l people believing they can conjure money up out of thin air, lol... just from a math equation... All of that goes out the window with experience. So now it's probably going to be really hard to convince luna users who lost money about stable coins.. Only idiots still hyped up about algorithmic stables coins are like hive idiots lol. The rest of the world thinking rationally lol.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@mykos/re-chekohler-jrh1w)
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vote details (13)
@chekohler · 
Pulling a figure out my arse, i'd say its about 5million USD that can be realised in best case, trading volume is around $10,439,058 a day over a 24 hour period, but I am just being generous and evening out buys and sells.
properties (22)
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@mykos · 
i think you're being overly generous, lol. When you calculate bullcrap exchanges, washtrading and people like marky mark research says only about 3% of trading is real money.. but i'll be as well generous and say and push it up to about 10% with the thin liquidity maybe you could pull a million bucks out on 10 million trade volume.. not sure i believe that even because the value would crash to nothing by the time you pulled out that million lol

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@mykos/re-chekohler-5ung3a)
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vote details (13)
@mypathtofire · 
Do you think this was a deliberate blow up by the large institutions because they didn't want a private stable coin being successful?!


Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@mypathtofire/re-chekohler-763hsc)
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vote details (1)
@boscohage · 
Reading a lot seem like a plot.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@boscohage/re-mypathtofire-6bvkua)
properties (22)
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@mypathtofire · 
yes it is looking like they didnt want some private person running a stable coin.
properties (22)
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@chekohler · 
LOL you're really feeling the conspiracy theories, no I see it as a shoddy project that was always going to fail, look at my blog I called the blow up when Terra was over 100 bucks and everyone told me I am idiot.
properties (22)
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@boscohage · 
Clearly, you're not now.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@boscohage/re-chekohler-2ekcka)
properties (22)
authorboscohage
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@fabian98 · 
Well, if you had 40 million followers on twitter they would call you a prophet XD

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@fabian98/re-chekohler-4ybo53)
properties (22)
authorfabian98
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@mypathtofire · 
Great call. I was told to avoid it too and take USDC if I buy stables. I guess there was real carnage inside Anchor.

But where did the money go as it doesn't go to money heaven? Did the ponzi scheme pay itself for a while the 20% and then when newcomers stopped it collapsed?

Conspiracy theories are usually the truth in my experience.
properties (22)
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