YC W22 Stablegains is being sued for losing $42M in funds from 4878 customers
Well alice let everyone know they are using anchor, and allowed people to transfer UST out of the wallet. Stablegain pretended to do more sophesitcated defi and misled customers that they were using USDC as the main coin, and money was made from lending USDC to overcollaterlized positions in bluechip tokens(BTC, ETH)