HectorDAO, a decentralized autonomous organization (DAO), has had its treasury and social media accounts seized by Interpath Limited, a court-appointed insolvency firm. This comes after HectorDAO suffered a $2.7 million hack in January, its second major hack after losing over $8 million last July.
According to announcements on HectorDAO’s Telegram channel on February 19th and 21st, the Virgin Islands High Court and Eastern Caribbean Supreme Court appointed two Interpath members, Mr Drury and Mr Pretlove, as interim receivers over HectorDAO’s financial assets and communication channels.
In a follow-up on February 21st, Interpath confirmed they now have full control over the treasury assets after moving them to a new secure wallet. The insolvency firm has taken the original signers off the DAO’s multi-signature wallets and banned the HectorDAO team itself from accessing the assets.
Moreover, Interpath has initiated an investigation into the January hack, efforts to restore the stolen funds, and distribution of remaining assets. This represents a major change in control for HectorDAO, which was the first DAO to use direct governance.
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