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Alec and Artin Ohanian, who are the plaintiffs in this case, filed suit in the United States District Court for the Central District of California on February 18. The defendants in this case are known as Ohanians, and the complaint that was filed alleges that the now-defunct DeFi platform fraudulently transferred all of its clients’ currency to the Anchor Protocol without obtaining the clients’ knowledge or consent.

Investors may receive returns of up to twenty percent on their investments using Terra USD, which is an algorithmic stablecoin created by Terraform Labs. Anchor Protocol was the organization that was in charge of supplying all these rewards (USTs). Since Stablegains was an early backer and investor of Terraform Labs (UST and LUNA), the company is familiar with both organizations. Also one of the first investors in UST was the company Stablegains. This is due to the fact that Stablegains was the organization that started the formation of the TFL in the first place. In fact, Stablegains, Inc. engaged in deceptive advertising practices by presenting UST as an investment that was exempt from the possibility of experiencing any form of loss.

Stablegains provided a 15% profit for its clients, and the company kept the difference between that and the returns provided by Anchor Protocol. Stablegains is built on the Anchor Protocol blockchain.