Because of the anxiety of FTX liquidators, the Stargate Foundation proposed that its decentralized autonomous organization (DAO) do not have to reissue local tokens for Stargate Finance (STG). Preferential bidders expressed their firm belief that such a move would violate a fully automatic suspension of implementation and could have consequences.
In March 2022, Alameda Research, a former cryptocurrency trading company, invested $25 million in all the STG auctions. But in November of the same year, FTX went bankrupt, and then FTX and Alameda stole about $500 million from their wallets by cyber hackers. The liquidator finally transferred all the property to the original wallet.
Because of this, Stargate Dao recommends reissuing STG tokens to transfer money from potentially leaked wallets to more secure wallets. However, the FTX liquidators rebuffed the proposal.
Stargate Island insists that the liquidators' anxieties are unjustified and that it is not easy to violate the rules of automatic suspension by reissuing STG tokens. "in all the communication between the foundation and the liquidators, there is no indication that they have a firm grasp of the facts of the blockchain smart contract, how it works, or how he will interact with the contract to ensure the safety of the asset," Stargate wrote on Twitter.
Although the trading center and the outside parties of the agreement worked hard to ensure the security of the property, the foundation persisted in resisting the reissue of the FTX token because of the suggestion of the STG liquidator.
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