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Ostium Loan Dispute Enters New York Federal Court Today

Guavy AI Editorial Team
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A $15 million loan dispute has reached New York federal court today involving Ostium, an onchain perpetuals exchange that lost 23,752,746 USDC from its public Ostium Liquidity Provider (OLP) vault in a July exploit.

The case before United States District Judge Lewis A. Kaplan marks the first substantive court appearance in a dispute combining an alleged $15 million loan default with the fallout from one of the year's larger decentralized finance losses.

Ostium Foundation and its co-founder and CEO Kaledora Kiernan-Linn are among defendants named in the lawsuit, which was filed on September 4 by plaintiff ESS Frontier LLC, an assignee of claims originally held by Hong Kong-based lender Minghui Zheng. The court hearing is scheduled for 2:00 p.m. Eastern Time today.

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