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.
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.
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.
240229 Hector DAO - FAQ.pdf
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RECEIVER UPDATE - 29 FEBRUARY 2024
240301 Receiver Update.pdf
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RECEIVER UPDATE - 1 MARCH 204
RECEIVER UPDATE - 5 MARCH 2024
Further to the Receivers’ update, dated 1 March 2024, the Receivers wish to provide an additional update in response to BitFriend’s claim and the general comments from $HEC Tokenholders on the HEC Discord Network over the weekend.
Having been identified as the individuals (Mr Drury and Mr Pretlove) and firm (Interpath) that had the relevant expertise to liquidate and distribute Hector DAO’s treasury assets to Tokenholders, an application was made in the BVI to have the Receivers appointed through a court process. Harneys were engaged by Hector Enterprise Inc to make that application, which resulted in the appointment of the Receivers. They do not act and have never acted for the members of Hector DAO’s project management team. Given Harneys’ only involvement has been the preparation and filing of the BVI Application, there are no independence concerns and there is no conflict of interest with Harneys representing the Receivers.
The decision to appoint the Receivers to liquidate Hector DAO was taken without any knowledge that a small number of Tokenholders were intending to file a lawsuit in the US. However, the existence of the US lawsuit made it necessary to ensure the Receivers were appointed urgently so that they could take steps to preserve the treasury assets in the interests of all Tokenholders.
The Receivers are engaging with the Tokenholders that brought the US lawsuit and have shared sufficient information to demonstrate that the Receivers are acting in the interests of all Tokenholders. The Receivers have not been asked to provide any information to the US court, which itself has denied the interim relief sought by these few Tokenholders in the US as the plaintiffs. It is important to note that the Receivers are non-parties in the US proceedings. The Receivers have engaged US legal advisors who have been invited by the Judge in the US proceedings to attend a call on Thursday this week however, at this stage it has not been accompanied by any specific agenda or request for information or documents.
The Receivers remain happy to field and address questions from the community and will continue to provide regular responses and updates especially where there is misinformation being shared.
If Tokenholders have any specific concerns, please contact us at Hector@interpathadvisory.com.
Further to the Receivers’ update, dated 1 March 2024, the Receivers wish to provide an additional update in response to BitFriend’s claim and the general comments from $HEC Tokenholders on the HEC Discord Network over the weekend.
Having been identified as the individuals (Mr Drury and Mr Pretlove) and firm (Interpath) that had the relevant expertise to liquidate and distribute Hector DAO’s treasury assets to Tokenholders, an application was made in the BVI to have the Receivers appointed through a court process. Harneys were engaged by Hector Enterprise Inc to make that application, which resulted in the appointment of the Receivers. They do not act and have never acted for the members of Hector DAO’s project management team. Given Harneys’ only involvement has been the preparation and filing of the BVI Application, there are no independence concerns and there is no conflict of interest with Harneys representing the Receivers.
The decision to appoint the Receivers to liquidate Hector DAO was taken without any knowledge that a small number of Tokenholders were intending to file a lawsuit in the US. However, the existence of the US lawsuit made it necessary to ensure the Receivers were appointed urgently so that they could take steps to preserve the treasury assets in the interests of all Tokenholders.
The Receivers are engaging with the Tokenholders that brought the US lawsuit and have shared sufficient information to demonstrate that the Receivers are acting in the interests of all Tokenholders. The Receivers have not been asked to provide any information to the US court, which itself has denied the interim relief sought by these few Tokenholders in the US as the plaintiffs. It is important to note that the Receivers are non-parties in the US proceedings. The Receivers have engaged US legal advisors who have been invited by the Judge in the US proceedings to attend a call on Thursday this week however, at this stage it has not been accompanied by any specific agenda or request for information or documents.
The Receivers remain happy to field and address questions from the community and will continue to provide regular responses and updates especially where there is misinformation being shared.
If Tokenholders have any specific concerns, please contact us at Hector@interpathadvisory.com.
RECEIVER UPDATE - 15 March 2024
There was a ‘return date’ hearing on 12 March 2024 whereby the BVI Court had previously stated that it intended to revisit the appointment of the Receiver which was on the basis of primarily collecting and preserving assets only. We are pleased to confirm that the BVI Court did make the continuation order sought verbally, amongst other things, but the Receivers are not yet able to provide details until the finalised and court stamped orders are approved and released, which is expected imminently. The Receivers’ lawyers have been chasing the BVI Court since Tuesday and as soon as this is received, the Receivers have a further update ready to be provided immediately to give additional information to Tokenholders.
We apologise for the lack of update this week. We were hoping that the order would be received so that we could provide the more substantial update but as this has not been received, we wanted to ensure that Tokenholders were given an explanation for the absence of any update. A further update will be provided early next week.
There was a ‘return date’ hearing on 12 March 2024 whereby the BVI Court had previously stated that it intended to revisit the appointment of the Receiver which was on the basis of primarily collecting and preserving assets only. We are pleased to confirm that the BVI Court did make the continuation order sought verbally, amongst other things, but the Receivers are not yet able to provide details until the finalised and court stamped orders are approved and released, which is expected imminently. The Receivers’ lawyers have been chasing the BVI Court since Tuesday and as soon as this is received, the Receivers have a further update ready to be provided immediately to give additional information to Tokenholders.
We apologise for the lack of update this week. We were hoping that the order would be received so that we could provide the more substantial update but as this has not been received, we wanted to ensure that Tokenholders were given an explanation for the absence of any update. A further update will be provided early next week.
240318 Receiver Update.pdf
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RECEIVER UPDATE - 18 March 2024
240404 Hector DAO - Proposed Distribution Plan.pdf
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RECEIVER UPDATE - 4 APRIL 2024
RECEIVER UPDATE - 11 APRIL 2024-
The Receivers wish to update Tokenholders that at a hearing on 9 April 2024, the BVI Court made an order that:
- the Receivers’ appointment be made final (i.e. appointed for the purpose of, amongst other things, effecting a distribution of Hector’s Dao’s treasury assets to eligible Tokenholders by way of redemption);
- additional powers be granted to the Receivers to assist with adjudicating creditor claims, finalizing a distribution plan and, ultimately, making a distribution;
- approval of the high-level decisions taken by the Receivers so far be given, with regard to the proposed distribution, and which were summarized in the update to Tokenholders dated 4 April 2024;
- required the Receiver to submit and obtain approval of a final distribution plan before any distribution is effected; and
- approved the costs incurred by the receivers and in relation to the receivership process up to the end of March 2024.
The Receivers have received suggestions and feedback from Tokenholders on the draft distribution plan, which we are grateful for, and we will be looking to provide a response to each of the points made. We expect a response will be provided next week by a formal note. In that note, we will seek to provide an estimated timeline for the distribution and an update on costs. Again, this will be open for consultation and comment from Tokenholders.
The Receivers wish to update Tokenholders that at a hearing on 9 April 2024, the BVI Court made an order that:
- the Receivers’ appointment be made final (i.e. appointed for the purpose of, amongst other things, effecting a distribution of Hector’s Dao’s treasury assets to eligible Tokenholders by way of redemption);
- additional powers be granted to the Receivers to assist with adjudicating creditor claims, finalizing a distribution plan and, ultimately, making a distribution;
- approval of the high-level decisions taken by the Receivers so far be given, with regard to the proposed distribution, and which were summarized in the update to Tokenholders dated 4 April 2024;
- required the Receiver to submit and obtain approval of a final distribution plan before any distribution is effected; and
- approved the costs incurred by the receivers and in relation to the receivership process up to the end of March 2024.
The Receivers have received suggestions and feedback from Tokenholders on the draft distribution plan, which we are grateful for, and we will be looking to provide a response to each of the points made. We expect a response will be provided next week by a formal note. In that note, we will seek to provide an estimated timeline for the distribution and an update on costs. Again, this will be open for consultation and comment from Tokenholders.
The Receivers are cognisant that an update on the Court order and distribution process is due. We are working on this and are waiting on information from third parties before this can be finalised and circulated. We expect this will be published in the coming day(s).
REMINDER: If you are a Tokenholder who missed the initial registration period, you are reminded that the deadline for the registration of new wallets shall expire on 26 April 2024. Any wallet addresses that have not been registered by this date shall not be eligible for inclusion within the distribution process. Please email Hector@interpathadvisory.com.
REMINDER: If you are a Tokenholder who missed the initial registration period, you are reminded that the deadline for the registration of new wallets shall expire on 26 April 2024. Any wallet addresses that have not been registered by this date shall not be eligible for inclusion within the distribution process. Please email Hector@interpathadvisory.com.
240424 Tokenholder update - Distribution Plan.pdf
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RECEIVER UPDATE - 24 APRIL 2024
240510 Hector DAO Tokenholder Update.pdf
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RECEIVER UPDATE- 10 MAY 2024
240617 Tokenholder Update.pdf
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RECEIVER UPDATE - 17 JUNE 2024
Guide_how_to_withdraw_HEC_tokens_from_locked_farm_NFTs-1.pdf
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RECEIVER UPDATE – 19 JUNE 2024
FNFT - One of the community members (@Wazzup??) has provided a helpful guide as to how you may unlock your FNFTs. See attached.
KYC Process – It is good to see so many have already completed the KYC assessment. Looking at a number of the assessments already, many tokenholders have nod ft completed the wallet verification. You must sign a message on Etherscan and provide the Signature Hash. You cannot put “N/A”. The assessment will get rejected upon review and you may need to complete the assessment again. Please consult with the UserGuide throughout to ensure you're following the correct process (https://interpath.com/wp-content/uploads/2024/06/guide.pdf)
For Canadian and US users, you can put N/A when asked for your Social Security number. This is automatic within the dApp but not applicable under BVI AML Legislation.
Any questions, please email Hector@Interpath.com
FNFT - One of the community members (@Wazzup??) has provided a helpful guide as to how you may unlock your FNFTs. See attached.
KYC Process – It is good to see so many have already completed the KYC assessment. Looking at a number of the assessments already, many tokenholders have nod ft completed the wallet verification. You must sign a message on Etherscan and provide the Signature Hash. You cannot put “N/A”. The assessment will get rejected upon review and you may need to complete the assessment again. Please consult with the UserGuide throughout to ensure you're following the correct process (https://interpath.com/wp-content/uploads/2024/06/guide.pdf)
For Canadian and US users, you can put N/A when asked for your Social Security number. This is automatic within the dApp but not applicable under BVI AML Legislation.
Any questions, please email Hector@Interpath.com
RECEIVER UPDATE - 25 JUNE 2024
Tokenholders are informed that the sanction hearing for approval of the final distribution plan will be held at 2.30 pm on Thursday 27 June 2024 before the Eastern Caribbean Supreme Court of the Virgin Islands.
Further, please note that the US Chapter 15 application will be heard on 15 July 2024. Objections are required to be filed by 8 July 2024 in the New Jersey Court.
Please be reminded that the KYC assessment is live and Tokenholders and encouraged to complete the assessment as soon as possible.
Tokenholders are informed that the sanction hearing for approval of the final distribution plan will be held at 2.30 pm on Thursday 27 June 2024 before the Eastern Caribbean Supreme Court of the Virgin Islands.
Further, please note that the US Chapter 15 application will be heard on 15 July 2024. Objections are required to be filed by 8 July 2024 in the New Jersey Court.
Please be reminded that the KYC assessment is live and Tokenholders and encouraged to complete the assessment as soon as possible.