The team responsible for the technical aspects of the STFIL protocol, which is built on Filecoin, has announced that they are currently being investigated by Chinese officials.
Recently, some unexpected changes have been made to the protocol, and money has been moved to various new destinations.
Mysterious Token Transfers and Upgrades
A recent announcement from STFIL Protocol on X revealed that they suspect the STFIL core tech team is currently under investigation by Chinese authorities. To gain clarity on the situation, they’ve engaged legal counsel to represent those who have been taken into custody.
It is suspected that the STFIL core tech team is currently being investigated by the local Chinese police. We’ve been informed that legal representation has been acquired to clarify the circumstances and offer support to those in custody.
Last week, when the core technical team…
— STFIL Protocol (@stfil_io) April 9, 2024
Recently, during the past week, there was a surprising development on the STFIL platform: Some FIL tokens held by the core tech team were moved to an external wallet without their reported presence, causing concern among investors and other concerned parties.
An external wallet address, disclosed by STFIL Protocol in their recent announcement, has been identified as the recipient of the transferred funds. This address now contains around 2.5 million FIL tokens, equivalent to approximately $22 million. For reference, the Protocol’s original address is also mentioned in the post.
In the recent past, there have been unexpected and irregular updates to the protocol, as mentioned in additional news.
The STFIL team is reaching out to the community for help in identifying an unfamiliar address related to recent advancements, and they are also investigating ways to protect the investments of their stakeholders.
Filecoin Mining Pyramid Scheme Case
Last August, a Chinese court initiated a legal action against a Chinese Filecoin mining firm and its four top officials. They stand accused of orchestrating a $83.3 million pyramid scheme.
Based on reports from local news sources, Shenzhen Shikongyun Technology and its CEO named Lai, along with three other executives, are currently facing trial for allegedly orchestrating and overseeing a pyramid scheme.
Prosecutors claim that the defendants attracted customers by falsely advertising mining of FIL coins on their company’s platform. They insisted that people had to satisfy specific conditions to join, including buying or renting mining equipment with a fee.
Using Filecoin’s STFIL protocol, users can earn rewards on their FIL tokens without giving up the flexibility to engage in DeFi transactions. By depositing their tokens, they obtain equivalent Liquid Staking Tokens (LSTs) as compensation.
Based on DefiLlama’s figures, the platform currently has approximately $40 million in total value secured. This represents a nearly 60% drop compared to the beginning of April.
Read More
- Uncovering the Mystery of Red King Players in Clash Royale – What Reddit Users Have to Say
- UFO PREDICTION. UFO cryptocurrency
- The Last Epoch Dilemma: Confronting the Gold Dupe Crisis
- Finding Resources in Palworld: Tips from the Community
- BONE PREDICTION. BONE cryptocurrency
- Skull and Bones: Navigating the Quest for Extra Teeth in the Game
- Discovering the Infinite Power: The Abiotic Factor that Could Change Everything
- AAVE PREDICTION. AAVE cryptocurrency
- The 10 Best Movies of 2024 (So Far)
- Gaming News: Like a Dragon: Infinite Wealth’s Dondoko Island Takes Expansion to New Heights
2024-04-10 01:24