2024

Filecoin

when

April

Chinese police are investigating the members of STFIL, a Filecoin staking protocol, for undisclosed reasons. STFIL acknowledged the situation and stated that legal representation had been engaged to manage the case and support the implicated individuals.
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 We believe that the STFIL core technical team is under investigation by local Chinese police, and we understand lawyers have been hired to understand the current situation and provide legal assistance to the individuals under detention. Last week, when the core technical team…— STFIL Protocol <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3d4.png" alt="🏔" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@stfil_io) <a href="https://twitter.com/stfil_io/status/1777560493017686264?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">April 9, 2024</a>
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STFIL revealed that amid the investigation and detention of its core technical team members, an unscheduled protocol update led to the relocation of 2.5 million FIL tokens, worth approximately $22 million, to an external address. The team described this move as “abnormal” and has sought assistance from the community in tracking down the unknown address to protect stakeholders’ interests.
As the second-largest protocol in the Filecoin ecosystem by total value locked, with nearly $40 million in cryptocurrency allocation, STFIL’s platform for liquid staking, introduced in 2023, has become very popular. It was the first to allow people who own FIL tokens to make extra money by using liquid staking.
The STFIL team has expressed its commitment to understanding the current situation and providing legal assistance to the detained individuals. However, the relocation of a substantial amount of FIL tokens has raised concerns within the community, prompting calls for transparency and swift action to safeguard stakeholders’ interests
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also read: <a href="https://www.cryptotimes.io/2024/04/09/binance-exec-faces-nigerian-prison-ordeal/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance Exec Faces Nigerian Prison Ordeal</a>.
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Chinese police investigate STFIL team members

The Crypto Times

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