{"id":74381,"date":"2023-02-20T17:37:48","date_gmt":"2023-02-20T15:37:48","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=74381"},"modified":"2025-09-09T19:45:28","modified_gmt":"2025-09-09T16:45:28","slug":"ust-provider-stablegains-faces-u-s-class-action-lawsuit","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ust-provider-stablegains-faces-u-s-class-action-lawsuit\/","title":{"rendered":"UST provider Stablegains faces U.S. class-action lawsuit"},"content":{"rendered":"<p>Investors filed a <a href=\"https:\/\/www.courtlistener.com\/docket\/66825823\/1\/ohanian-v-stablegains-inc\/\">lawsuit<\/a> against the Stablegains platform for promoting the collapsed <a href=\"https:\/\/forklog.com\/en\/news\/what-are-algorithmic-stablecoins\">algorithmic stablecoin<\/a> TerraUSD (UST).<\/p>\n<p>Alex and Artin Oganian allege in the complaint that the now-defunct platform moved all users&#8217; invested assets into the Anchor protocol without their knowledge.<\/p>\n<p>The scheme offered a 20% yield on UST investments. Stablegains, however, paid only 15%.<\/p>\n<p>The complaint alleges that, after the collapse of the algorithmic stablecoin, the platform quietly moved user funds into the second iteration of Anchor.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/cy1s5TBJCDwqArhq15XNiPjMrLCcbXpIUR-x_5VETov3vN1Jk7Z_eFiMVkWOv3k6sGcdjaAurO3XY5xXrrsZ53Av_7Y4duhZYVpsJaIduZ1sBBOEi65qSvneUOturgITpotVEE3nRgzpJRpksaXl4UQ\" alt=\"UST provider faces a class-action lawsuit in the United States\"\/><figcaption>Data: <a href=\"https:\/\/www.coingecko.com\/en\/coins\/terraclassicusd\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>In May 2022, the protocol team announced that it would discontinue the service.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">We\u2019re discontinuing the Stablegains service. Please withdraw your remaining funds.<\/p>\n<p>See the anticipated timeline + a letter from the team here: <a href=\"https:\/\/t.co\/ebx4Z78sp1\">https:\/\/t.co\/ebx4Z78sp1<\/a><\/p>\n<p>\u2014 Stablegains (@stablegains) <a href=\"https:\/\/twitter.com\/stablegains\/status\/1528114907190906881?ref_src=twsrc%5Etfw\">May 21, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The plaintiffs did not specify the amount of restitution, proposing that a court determine it.<\/p>\n<p>Earlier in October 2022, Spanish citizen Juli\u00e1n Moreno Beltr\u00e1n and Singaporean resident Douglas Gan <a href=\"https:\/\/forklog.com\/en\/news\/singapore-class-action-against-do-kwon-seeks-57-million\">filed a class-action<\/a> against Terraform Labs and co-founder Do Kwon for a $57 million loss.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors filed a lawsuit against the Stablegains platform for promoting the collapsed algorithmic stablecoin TerraUSD (UST).<\/p>\n","protected":false},"author":1,"featured_media":74382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,852],"class_list":["post-74381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-terra"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=74381"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74381\/revisions"}],"predecessor-version":[{"id":74383,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74381\/revisions\/74383"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/74382"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=74381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=74381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=74381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}