Stargate foundation advises DAO against reissuing STG tokens

Stargate foundation advises DAO against reissuing STG tokens

Stargate Foundation has advised its decentralized autonomous organization (DAO) against reissuing Stargate’s native Stargate Finance (STG) token due to concerns raised by FTX liquidators. The liquidators have expressed the belief that such a move would violate the automatic stay and could result in legal repercussions.

In March 2022, Alameda Research, the former cryptocurrency trading firm, purchased the entire STG auction for $25 million. However, in November of the same year, FTX declared bankruptcy, following which FTX and Alameda’s wallets were hacked for roughly $500 million. The liquidators eventually transferred all assets to new wallets.

Related: Modular blockchains could be the next hot crypto market trend in 2023

Trending: UPDATE: Nuclear Power Plant Shuts Down After Second Radioactive Leak Discovered

In light of these events, Stargate DAO has proposed reissuing the STG token to move the funds from the potentially compromised wallet to

Continue reading


Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report •
Thanks for sharing!
Send this to a friend