hectordao

ChainCatcher news, according to Cointelegraph, the decentralized autonomous organization HectorDAO has filed for Chapter 15 bankruptcy protection in the United States. The main reasons for its bankruptcy include the collapse of the Terra ecosystem in 2022, the downfall of the Multichain protocol, and the hacking of the Hector treasury. Interpath Advisory has been appointed by the court to investigate whether any former management executed internal attacks.Chapter 15 bankruptcy allows foreign entities with international investors to file for bankruptcy in the U.S. judicial system.

According to ChainCatcher news, the Snapshot page shows that HectorDAO has opened a vote on "whether to liquidate 1,041,483 HEC and 16 million dollars of treasury assets," which will end on July 18 at 12:00.Option one is to agree to liquidate the Hector Network and redistribute all assets in the treasury as of the liquidation date to HEC token holders in proportion to the amount of HEC held by each holder. Option two is to agree to migrate all assets and HEC tokens in the Hector Network treasury to another alternative chain, while HEC token holders retain their tokenholder rights.HectorDAO is a fork of OlympusDAO on the Fantom chain, and its proposal states that due to the impact of the cross-chain bridge project Multichain on the Fantom ecosystem, its operational capabilities have suffered significant damage.