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    Anu T S in Crypto News

    23 Feb 09:11 AM


    Court-appointed insolvency firm takes over HectorDAO after $2.7M hack

    Interpath Advisory has taken control of the HectorDAO Treasury after allegations of an ‘inside job’ hack.

    Insolvency consultancy firm Interpath Limited has “taken full custody” of the Hector decentralized autonomous organization (Hector DAO) treasury as of February 21. The company, also known as "Interpath Advisory," has likewise taken control of the HectorDAO social media channels, which it intends to use to communicate with investors going forward, according to announcements on the protocol’s Telegram channel that were posted on Feb. 19 and 21.

    HectorDAO was hacked for $2.7 million in January in what analysts have described as either a private key compromise or the work of a rogue developer. Since that time, some of the DAO’s investors have blamed the development team and argued that its assets should be put into the hands of a neutral third-party, which appears to be happening at the time of publication.
    According to the Feb. 19 announcement, “Mr Drury and and Mr Pretlove both of Interpath (BVI) Limited [...] were appointed by the Virgin Islands High Court (Commercial Division), Eastern Caribbean Supreme Court as joint and several interim receivers (the Receivers) over all of the assets held by or on behalf of Hector DAO.”

    The British Virgin Islands Financial Services Commission lists Interpath as a currently regulated entity and insolvency practitioner, implying that the funds are being turned over to professional liquidators and will no longer be custodied by the HectorDAO team.

    Source - Coin Telegraph