DELISTING FROM BITMART

Hectorians!

Earlier this month, trading pairs TOR/USDT, TOR/USDC, and HEC/TOR were removed from BitMart. Yesterday, trading was also closed for the HEC/USDT pair. If you had any open orders that were not canceled before the closing, the system will automatically cancel them, and your assets will be credited to your trading account.

Please take note of the following dates for closing withdrawals:

Close Withdrawal for TOR: 9/10/2023 at 10:00 AM UTC
Close Withdrawal for HEC: 9/25/2023 at 10:00 AM UTC

Kindly be aware that failure to withdraw related tokens in a timely manner may result in the loss of your assets. Hector Network and BitMart will not be held responsible for any asset losses caused by such actions.

Please make sure to follow the withdrawal dates and retrieve your assets accordingly. Should you have any concerns or queries, feel free to reach out to BitMart's support team.

REDEMPTION FAQ

Dear all,

As it was announced, the Liquidation Committee has prepared answers to frequently asked questions delivered by moderators who collected them in various chat groups, and they are available at https://ow.ly/e89450PnBO2.

Questions that may have been missed or may emerge till the redemption conclusion can be sent on the following email address questions@hector.network and the answers will be added to the FAQs update(s).

We would like to take this opportunity to remind you of the importance of relying on communication from official sources only. This ensures that you receive accurate information and avoids any potential misinformation that may be circulating.

Thank you for your cooperation and understanding.

Liquidation Committee

CURVE FINANCE EXPLOIT

On Sunday 30, July 2023 at approximately 18:45 UTC, a security incident occurred involving certain pools using Vyper version 0.2.15, 0.2.16 and 0.3.0 and a number of decentralised finance projects were affected by the attack, including Curve finance (https://blockworks.co/news/curve-suffers-exploit). This exploit was a result of a malfunctioning reentrancy lock related to a Vyper bug, as reported by the official Curve Finance Twitter handle. A staggering amount of over $70 million was drained from the affected pools during this hack.

All affected pools have been drained or white hacked and the Vyper team is assessing the situation with affected teams. The targeted pools, namely alETH/ETH, msETH/ETH, pETH/ETH and CRV/ETH, suffered losses, while all other pools remain safe and unaffected by the bug.

Hector Network, prior to the hack, held 258 ETH and 606,239 CRV in the CRV-ETH pool Unfortunately, approximately 97% of these assets have been drained, totaling $0.95 million, and are no longer under direct control of Hector Network.

The total amount of assets held in treasury as part of the liquidation proceeds have now been updated to reflect this current situation, with an estimated value of $13.8 million. This reduction is attributed to the Curve exploit and a 4.5% market-to-market value decline of the held tokens over the past two weeks.

To safeguard the remaining assets after the hack, transactions were executed to withdraw tokens from Curve and Convex.

Moreover, adhering to the redemption process timeline provided on July 28th, all the liquidity from the remaining pools (excluding TOR and HEC) across PancakeSwap and Curve will be removed this week. Additionally, tokens will be unstaked from platforms such as Aave, Convex, Lido, and SpookySwap. The remaining tokens will be swapped for USDT, USDC and ETH on Ethereum.

Hector Network is committed to taking all necessary steps to resolve the technical issues and to claim the hacked funds and will provide further updates and information in the coming days and weeks as the situation unfolds.

Hector Network Liquidation Committee

CLOSING OF HECTOR INSTITUTE

Dear Hector Institute Users,

As part of the liquidation process of Hector Network, the Hector Institute will be closing its operations.

We kindly request that you promptly settle any outstanding loans and withdraw all your assets from the Hector Institute before September 30th, 2023.

On September 30th, the Hector Institute will be removed from the UI, and after that, closing positions and withdrawing remaining assets from the Hector Institute will have to be done by interacting with the smart contracts. A guide for withdrawing funds through the smart contract can be found at https://drive.google.com/file/d/1C2eJ1Qtyx-P3j_8x-vjChNJue73NwtVa/view?usp=sharing.

It is important to note that although Hector Institute will be removed from the UI, in case the value of an unclosed position meets the criteria for a liquidation, a liquidation process can still be triggered in which a liquidator would repay the borrowed amount and seize collateral at a premium.

Please be aware that failure to withdraw related tokens in a timely manner may result in the loss of your assets. Hector Network and Ola Finance will not be held responsible for any asset losses caused by such actions.

If you have any questions or need assistance during the withdrawal process, please reach out to us through questions@hector.network.

Thank you for your cooperation and timely action.

Hector Network Liquidation Committee

LIQUIDATION UPDATE

Update on Curve Finance Exploit

After the exploit on July 30, 2023 (https://t.me/hectornetworkann/1559) and a bounty of 10% of any stolen funds offered by Curve Finance and other affected projects (https://twitter.com/CurveFinance/status/1687180381714358272?s=20), the attacker began returning stolen funds. So far, Alchemix and JPEG'd have reported the return of all funds taken in the exploit (https://cointelegraph.com/news/alchemix-reports-return-of-all-stolen-funds-from-curve-pools). The deadline for the exploiter to return funds stolen from the CRV-ETH pool expired and now they are offering a bounty of 10% ($1.85M USD) to the person that is able to identify the exploiter. (https://twitter.com/CurveFinance/status/1688221472815284224?s=20)

Redemption FAQs Update #1

As part of the ongoing liquidation process, the Liquidation Committee has compiled additional questions for the frequently asked questions (FAQs) section. These new questions have been included with the previously posted Redemption FAQ. You can access the updated FAQs at the following link: https://hector.network/.

For any other questions that may have emerged or were missed, please send them to the dedicated email address: questions@hector.network. The Liquidation Committee will review and address these questions in future updates.

Please bear in mind the critical importance of relying solely on official channels for information:
👉 https://t.me/hectornetworkann
👉 https://discord.gg/hector
👉 https://twitter.com/Hector_Network
👉 https://hector.network/.
During the liquidation process, it is crucial to exercise caution and avoid being misled by scams, misinformation, harmful rumours, or FUD (Fear, Uncertainty, Doubt). Trusted official sources should always be referred to in order to receive accurate and reliable updates.

Thank you for your cooperation and understanding.

Hector Network Liquidation Committee

LIQUIDATION UPDATE

An important update, comprising information about holding tokens, wallet registration for redemption, treasury assets, the monthly financial summary, and FAQs Update #2, has been made available at https://hector.network/.

Further updates will be provided as they become available. Your understanding and cooperation are greatly appreciated.

Hector Network Liquidation Committee

LIQUIDATION UPDATE

A new update, including information about holding tokens, the Wallet Registration dApp upgrade, treasury assets, the monthly financial summary, and FAQs Update #3, is now accessible at https://hector.network/.

Further updates will be provided as they become available. Your understanding and cooperation are greatly appreciated.

Hector Network Liquidation Committee

LIQUIDATION UPDATE

A new update, including information about holding tokens, the Wallet Registration dApp upgrade, TOR redemption, treasury assets, and FAQs Update #4, is now accessible at https://hector.network/.
Further updates will be provided as they become available. Your understanding and cooperation are greatly appreciated.

Hector Network Liquidation Committee

SERVER OUTAGE

We are currently experiencing an issue with our host provider servers. As a result, the website and wallet registration site are currently inaccessible.
We are working with our provider to restore services in a timely manner.

Further updates will be provided as they become available. Your understanding and cooperation are greatly appreciated.

Hector Network Liquidation Committee

SERVER OUTAGE RESOLVED

The website and wallet registration site are currently accessible and working properly.

Your understanding and cooperation are greatly appreciated.

Hector Network Liquidation Committee

LIQUIDATION UPDATE

A new update, including information about holding tokens, the Wallet Registration dApp, TOR redemption, treasury assets, monthly update, and FAQs Update #5, is now accessible at https://hector.network/.

Further updates will be provided as they become available. Your understanding and cooperation are greatly appreciated.

Hector Network Liquidation Committee

LIQUIDATION UPDATE

The intellectual property of Hector Network is available for sale on OpenSea. The following assets are listed for auction:

Atlantica Marketplace: https://opensea.io/assets/ethereum/0x407d79cc8da524468ba21332eed19eaaa7012103/2/

Atlantica Launchpad: https://opensea.io/assets/ethereum/0x407d79cc8da524468ba21332eed19eaaa7012103/1/

Library: https://opensea.io/assets/ethereum/0x407d79cc8da524468ba21332eed19eaaa7012103/3/

Mythos NFT Collection: https://opensea.io/assets/ethereum/0x407d79cc8da524468ba21332eed19eaaa7012103/4/

The Oikos: https://opensea.io/assets/ethereum/0x407d79cc8da524468ba21332eed19eaaa7012103/5/

The minimum bid is based on a percentage of the development cost incurred for each project.

The intellectual property (“IP”) listed for sale is provided “AS IS”, without any warranties, express or implied, including but not limited to the implied warranties of merchantability, fitness for a particular purpose, or non-infringement. The seller of this IP makes no representations or warranties concerning the legal or commercial viability, accuracy, completeness, reliability, or usefulness of this IP.

Further updates will be provided as they become available. Your understanding and cooperation are greatly appreciated.

Hector Network Liquidation Committee

LIQUIDATION UPDATE

A new update, including information about holding tokens, the Wallet Registration dApp, TOR redemption, treasury assets, monthly update, intellectual property, and FAQs Update #6, is now accessible at https://hector.network/. 

Further updates will be provided as they become available. Your understanding and cooperation are greatly appreciated.

Hector Network Liquidation Committee

LIQUIDATION UPDATE

Wallet Registration closed on December 31, 2023.
The Redemption will begin in January 2024.

An update will be provided on January 12, 2024.
Your understanding and cooperation are greatly appreciated.

Hector Network Liquidation Committee

REDEMPTION UPDATE

On 19 February 2024, Mr Drury and Mr Pretlove both of Interpath (BVI) Limited, PO Box 4571, LM Business Centre, Fish Lock Road, Road Town, Tortola, British Virgin Islands, VG1110 were appointed by the Virgin Islands High Court (Commercial Division), Eastern Caribbean Supreme Court as joint and several interim receivers (the Receivers) over all of the assets held by or on behalf of Hector DAO, including the assets held within wallet 0xdCad10a8E82fe4e90Cb69B1757C2d612745CD1C9 (the Treasury Assets), with immediate effect, for the purpose of collecting in and preserving such assets.
 
It is intended that the Receivers will liquidate and distribute the Treasury Assets to HEC Tokenholders, to give effect to HIP 42. Before they are able to do so, their appointment will need to be confirmed by the BVI courts on a final basis. In the interim, the tokens will be safeguarded for the benefit of all HEC Tokenholders and the Treasury Assets have been transferred into a dedicated wallet for that purpose.

The duty of the Receivers is to act in respect of the interests of the HEC Tokenholders collectively and the Receivers and will be seeking to create an open and transparent dialogue with the community in order to take safe custody of the Treasury Assets in the first instance as officers of the Court. Ultimately, it is intended that the Receivers will provide clear details as to a collective distribution process and strategy as well as conducting investigations into the recent hacks that need to be undertaken with a view to effecting asset recoveries for the benefit of Tokenholders.

The Receivers have control of the communication channels of Hector Network and will provide more information as to the next steps and how Tokenholders can contact the Receivers to discuss any concerns and all aspects of their appointment.

The Receivers are mindful of the time that has already passed since HIP 42 was put to vote and will take such steps as they are able without delay.

RECEIVER UPDATE 21 FEBRUARY 2024

Further to the above announcement on Monday evening (19 February), the Receivers wish to provide the following update:

Safeguarding of assets
Please note that following our appointment, the Receivers have taken full custody of the Treasury assets which have been moved to a new secure wallet. The old wallet has also been transferred to the Receivers control. Again, to provide transparency and full oversight, all previous multi signors have been removed from the old wallet and none are involved in the new wallet. This also includes all members of the Liquidation Committee.

We wish to remind $HEC Tokenholders that at this stage the purpose of our appointment is limited to identifying, collecting and preserving assets of Hector DAO. However, should our appointment be made final, we will then be able to proceed with a distribution to $HEC Tokenholders.

Communication with Tokenholders and further investigations
We can confirm that the Hector Network – Announcements Telegram channel, the website and the Hector Network $HEC $TOR Discord channel are under our control. The former administrators of the accounts have been removed.

The Receivers acknowledge that $HEC tokenholders have received little information since the hack that took place on 15 January 2024 and now that the BVI Court has ordered our appointment, we are keen to engage with $HEC tokenholders and to facilitate open and transparent communications. We welcome the opportunity to receive information from $HEC tokenholders relating to the DAO, the hack and any other information that will help us discharge our duties as Receivers, which in the first instance is to identify and preserve assets of Hector DAO which it is hoped will ultimately be distributed amongst $HEC Tokenholders.

We have had some $HEC tokenholders reach out to us expressing a desire to provide assistance to the Receivers relating to the DAO and specifically, the January 2024 hack (as well as prior transactions and hacks). The Receivers have already started looking at tracing the proceeds of that hack on the basis that the right to recover those proceeds comprises an asset of Hector DAO and therefore something that we should be taking steps to preserve. Should $HEC tokenholders have any additional information that they would like to provide to us then we would be grateful to receive it.

Legal proceedings in the US
Finally, the Receivers are aware of ongoing legal proceedings in the US concerning Hector DAO. It is important to note that the Receivers are both regulated insolvency practitioners who act as independent officers of the BVI Court with full control of the assets. We hope that this provides some immediate comfort to $HEC tokenholders that the treasury assets will be safeguarded in a responsible and professional manner, in the best interests of all $HEC tokenholders.

Further updates
A FAQ type document will be shared soon with $HEC tokenholders explaining the purpose of the Receivership in more detail such as: what are the Receivers’ powers (and what they are not), timing, the return date and to address any questions that tokenholders may have. The Receivers have set up an email address for $HEC tokenholders to correspond with us - Hector@interpathadvisory.com. You may also send messages to our telegram @InterpathBVI.

RECEIVER UPDATE - 23 FEBRUARY 2024

The Receivers wanted to provide a further update to $HEC Tokenholders before the weekend.

The Receivers are working on producing a Frequently Asked Questions (FAQ) type document for $HEC Tokenholders and whilst monitoring the Community Discord channel, we are pleased to see Tokenholders collating questions in a focused manner which will enable the Receivers to respond to those questions most pertinent to the community. Hopefully this will provide comfort, clarity and certainty as to the receivership process going forward. We welcome these questions and encourage these to be collated and shared by Monday 26 February, with a view to the Receivers providing an initial FAQ within the course of the week.

We wish to remind $HEC Tokenholders that at this stage the purpose of our appointment is limited to identifying, collecting and preserving assets of Hector DAO. Whilst we will be looking at distribution mechanisms, and welcome comments from the community in this regard, we will not be permitted to make any distribution until there is a further order of the BVI court permitting us to do so.

Please continue to send through any information and questions to Hector@interpathadvisory.com or by our telegram @InterpathBVI.

RECEIVER UPDATE - 29 FEBRUARY 2024

RECEIVER UPDATE - 1 MARCH 204