Chinese police investigate STFIL team members

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The Chinese authorities are currently looking into the individuals involved with STFIL, a Filecoin staking mechanism, over unspecified matters. In response, STFIL admitted to the situation and announced that they have hired legal counsel to deal with the issue and assist those implicated.

It’s suspected that the STFIL tech team is currently being investigated by Chinese law enforcement. We’ve learned that lawyers have been retained to clarify the circumstances and offer legal counsel to those in custody. Last week, there were reports of an investigation against the STFIL core technical team. Lawyers have since been brought on board to gain a clearer picture of the situation and provide representation for those detained.— STFIL Protocol (@stfil_io) April 9, 2024

During the probe into their technical team’s arrest and detention, STFIL disclosed that an unexpected protocol update caused 2.5 million FIL tokens, valued around $22 million, to be transferred to an unidentified external wallet. The team deemed this action “irregular” and is asking for community help in locating the mysterious address to safeguard stakeholders’ investments.

With approximately $40 million worth of cryptocurrency allocated, STFIL’s innovative liquid staking platform, launched in 2023, has gained significant popularity within the Filecoin ecosystem as the second largest protocol. This platform enables FIL token holders to earn additional income through liquid staking.

The STFIL team has stated their intention to grasp the present circumstances and offer legal support to those in custody. Nevertheless, the transfer of a significant quantity of FIL tokens has sparked unease among the public, leading to demands for clarity and immediate steps to protect investors’ assets.

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2024-04-09 16:20