DeFI Protocol Bridge StargateFinance plans to reissue its STG token in March amid fears over the security of Alameda's share. LizKNapolitano reports
Stargate will reissue STG on March 15, 2023. The reissue will “eliminate the risk of illegitimate STG transfers from compromised Alamada wallets,” according to Stargate DAO.
Calls for the reissue come after StargateDAO uncovered a “significant threat” to its protocol owned liquidity and token holder security originating from security vulnerabilities at the now-bankrupt crypto quant trading firm Alameda Research. Alameda purchased 10% of the total STG supply from a Stargate Community sale in March 2022. The firm promised to lock up the tokens until March 2025, but became embroiled in controversy for illegally borrowing user funds from its sister company, crypto exchange FTX, some months later.
Recent on-chain transfers from Alameda wallets indicate Alameda does not possess full control of its wallets and that a bad actor is siphoning off the wallets’ funds.
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