STFIL, a liquid staking protocol, is currently facing scrutiny from Chinese authorities following suspicious fund transfers and unexpected protocol upgrades. The core team members of STFIL are reportedly under investigation by local police in China. While specific details of the investigation remain undisclosed, the team has sought legal representation to navigate the situation and provide support to those involved.

During the team’s recent period of detention, funds in Filecoin (FIL) on the STFIL platform were transferred to an unknown external address. Simultaneously, the protocol experienced unanticipated upgrades. At present, the recipient of the transferred funds holds more than 2.5 million FIL, valued at approximately $23.3 million.

STFIL has urged the community to assist in tracking the unknown address and exploring measures to safeguard the interests of stakeholders in light of these developments.

STFIL is a prominent player in the Filecoin ecosystem, ranking as the second-largest protocol in terms of total value locked. According to DefiLlama data, STFIL trails only GLIF, with a cryptocurrency allocation of nearly $40 million. Launched in 2023, STFIL introduced Filecoin’s liquid staking protocol, enabling FIL token holders to earn returns through liquid staking.

For more information on related news and updates, check out Global Crypto News for the latest updates and insights.

Post Views: 2