Chinese Police Probe Spurs Mysterious Token Movements
Filecoin liquid staking protocol STFIL has reported token movements and unexplainable protocol upgrades following an investigation by Chinese authorities.
The core technical team members are under investigation and have received legal assistance. They transferred 2.5 million FIL tokens worth $23 million to an unknown external address.
STFIL claims that there were “abnormal, unscheduled upgrades” within the protocol during the investigation.
The staking platform is seeking assistance and urging the community to help monitor the address that received the tokens.
Despite the issues, the Filecoin token remains strong, with a seven-day high of $9.32 and a 24-hour volume of $265 million.
This is not the first time Chinese authorities have cracked down on crypto projects, as Multichain was forced to halt operations in 2023 due to a lack of funds.
(With inputs from Shikha Singh)
You need to login in order to Like
