HIP 42: Redemption of the $HEC
Dear Hectorians,
Due to the recent Multichain hack and its unfortunate impact on the Fantom ecosystem, especially on the stablecoin market, we regret to inform you that Hector Network has suffered significant damage to its ability to operate.
The team took risk management and loss reduction steps to ensure that the loss to the treasury is reduced as much as possible. Despite that, there are $16.06MM in treasury assets and 1,041,483 $HEC tokens.
For that reason, we propose either (i) the liquidation of Hector Network and redemption of the $HEC token against the funds in the treasury or (ii) migration of Hector Network and the $HEC token to a different chain (to be decided later) under a different brand.
It is important to note that, in order to avoid manipulation and purchases of tokens by people with $HEC tokens acquired after the snapshots taken on Fantom (block 65774322 - Jul-14-2023 12:00:00 PM +UTC - https://ftmscan.com/block/65774322) and BSC (block 29954999 - Jul-14-2023 12:00:02 PM +UTC - https://bscscan.com/block/29954999), which corresponds with the time when the decision to propose this HIP was made, will be excluded from the treasury assets redistribution. This measure is taken to protect fairness of the process and ensures that no one can benefit at the expense of other members.
Further on the $HEC held by the Hector Network treasury will not be considered for the purpose of redistribution. Before redistribution of the treasury assets to the $HEC token holders, all contractual, statutory and other legal obligations, including costs of the liquidation, must be fully settled.
Voting options:
LIQUIDATION: I agree with the liquidation of Hector Network and redistribution of all assets present in the treasury as of the day of liquidation to the $HEC token holders proportionally to the amount of $HEC held by each holder.
MIGRATION: I agree with the migration of Hector Network, all assets in the treasury and the $HEC token to an alternate chain (to be decided later) under a different brand, while $HEC token holders shall retain their token holder rights.
In order to prevent further negative impact the Multichain hack may have on the Hector Network treasury, the voting period for this HIP is set to 48 hours from the time of posting. We kindly ask you to carefully read the HIP text and cast your vote at https://vote.hector.network/#/proposal/0xacf5be0c1f3deef14a5eab90157d135c6e4aa7c363f0c4bd404f1362fda033a1.
Hector Network Team
Dear Hectorians,
Due to the recent Multichain hack and its unfortunate impact on the Fantom ecosystem, especially on the stablecoin market, we regret to inform you that Hector Network has suffered significant damage to its ability to operate.
The team took risk management and loss reduction steps to ensure that the loss to the treasury is reduced as much as possible. Despite that, there are $16.06MM in treasury assets and 1,041,483 $HEC tokens.
For that reason, we propose either (i) the liquidation of Hector Network and redemption of the $HEC token against the funds in the treasury or (ii) migration of Hector Network and the $HEC token to a different chain (to be decided later) under a different brand.
It is important to note that, in order to avoid manipulation and purchases of tokens by people with $HEC tokens acquired after the snapshots taken on Fantom (block 65774322 - Jul-14-2023 12:00:00 PM +UTC - https://ftmscan.com/block/65774322) and BSC (block 29954999 - Jul-14-2023 12:00:02 PM +UTC - https://bscscan.com/block/29954999), which corresponds with the time when the decision to propose this HIP was made, will be excluded from the treasury assets redistribution. This measure is taken to protect fairness of the process and ensures that no one can benefit at the expense of other members.
Further on the $HEC held by the Hector Network treasury will not be considered for the purpose of redistribution. Before redistribution of the treasury assets to the $HEC token holders, all contractual, statutory and other legal obligations, including costs of the liquidation, must be fully settled.
Voting options:
LIQUIDATION: I agree with the liquidation of Hector Network and redistribution of all assets present in the treasury as of the day of liquidation to the $HEC token holders proportionally to the amount of $HEC held by each holder.
MIGRATION: I agree with the migration of Hector Network, all assets in the treasury and the $HEC token to an alternate chain (to be decided later) under a different brand, while $HEC token holders shall retain their token holder rights.
In order to prevent further negative impact the Multichain hack may have on the Hector Network treasury, the voting period for this HIP is set to 48 hours from the time of posting. We kindly ask you to carefully read the HIP text and cast your vote at https://vote.hector.network/#/proposal/0xacf5be0c1f3deef14a5eab90157d135c6e4aa7c363f0c4bd404f1362fda033a1.
Hector Network Team
Fantom (FTM) Blockchain Explorer
Fantom Blocks #65774322 | FTMScan
Fantom Block Height 65774322. The timestamp, block reward, difficulty, gas used and the number of transactions in the block are detailed on FTMScan.
Dear Hectorians,
Due to an issue that prevented Hector FNFT’s, which were created after April 1st, from voting, we have corrected the issue. And for a fair process for all holders we decided to relaunch HIP 42, to give everyone that holds HEC/sHEC/wsHEC/owsHEC/FNFT a fair vote.
We apologise for the inconvenience this may bring to everyone, but relaunching the HIP where everyone can vote is the most fair decision to take at this moment.
The current HIP proposal will be taken offline and we will announce the link for the new voting proposal on Saturday July 15th, 2023 at 13:00 UTC
Hector Network Team
Due to an issue that prevented Hector FNFT’s, which were created after April 1st, from voting, we have corrected the issue. And for a fair process for all holders we decided to relaunch HIP 42, to give everyone that holds HEC/sHEC/wsHEC/owsHEC/FNFT a fair vote.
We apologise for the inconvenience this may bring to everyone, but relaunching the HIP where everyone can vote is the most fair decision to take at this moment.
The current HIP proposal will be taken offline and we will announce the link for the new voting proposal on Saturday July 15th, 2023 at 13:00 UTC
Hector Network Team
There seems to be a problem with Snapshot at the moment, it's impossible to update on things and also voting seems to be a problem according their Discord support server.
The current, new, proposal needs to be removed again to make sure all FNFT's can vote. As the strategy didn't get updated in regards to the new proposal.
We hope this can be done before 13:00 UTC. Else we need to restart again!
The current, new, proposal needs to be removed again to make sure all FNFT's can vote. As the strategy didn't get updated in regards to the new proposal.
We hope this can be done before 13:00 UTC. Else we need to restart again!
Dear Hectorians,
HIP 42 has been relaunched! The complications that previously prevented some HEC holders from voting have been resolved. Now, all HEC holders can cast their vote with all their HEC tokens.
We apologize for any inconvenience caused and invite you to vote here: https://snapshot.org/#/hectordao.eth/proposal/0x4dea97a93c7d136f6e3cdce5a6ea05597f2e517d903568a26904c0de6c1129fe.
HIP 42 has been relaunched! The complications that previously prevented some HEC holders from voting have been resolved. Now, all HEC holders can cast their vote with all their HEC tokens.
We apologize for any inconvenience caused and invite you to vote here: https://snapshot.org/#/hectordao.eth/proposal/0x4dea97a93c7d136f6e3cdce5a6ea05597f2e517d903568a26904c0de6c1129fe.
HIP 42 Results
Dear Hectorians,
With heavy hearts and utmost respect for the community's decision, we would like to announce that HIP 42 has concluded with a majority vote (83.31%) in favour of the liquidation of Hector Network and redemption of the $HEC token against the funds in the treasury.
The next steps involve appointing a liquidator, legal counsel, and auditor by the Steering Committee. We anticipate that the overall process will take a minimum of six to twelve months to reach completion. Throughout this journey, we remain committed to maintaining transparency and providing updates and announcements on Twitter, as well as through announcements on Telegram and Discord.
We understand that this outcome may evoke mixed emotions within the community. We sincerely appreciate your understanding, support, and the trust you have placed in us as we navigate this challenging period. Our utmost priority is to execute the liquidation process diligently, adhering to all legal requirements, and ensuring transparency at every step of the way.
We would like to express our gratitude to every individual who has been a part of Hector Network with a special thanks to our amazing Oracles and our moderators. Your engagement and dedication have been invaluable to the Hector Network.
We extend our gratitude to all community members who actively participated in the voting process.
Please stay tuned for further updates, which will be released as soon as possible. We are fully committed to providing you with the needed information as we proceed with the liquidation process.
Thank you once again for your unwavering support.
Dear Hectorians,
With heavy hearts and utmost respect for the community's decision, we would like to announce that HIP 42 has concluded with a majority vote (83.31%) in favour of the liquidation of Hector Network and redemption of the $HEC token against the funds in the treasury.
The next steps involve appointing a liquidator, legal counsel, and auditor by the Steering Committee. We anticipate that the overall process will take a minimum of six to twelve months to reach completion. Throughout this journey, we remain committed to maintaining transparency and providing updates and announcements on Twitter, as well as through announcements on Telegram and Discord.
We understand that this outcome may evoke mixed emotions within the community. We sincerely appreciate your understanding, support, and the trust you have placed in us as we navigate this challenging period. Our utmost priority is to execute the liquidation process diligently, adhering to all legal requirements, and ensuring transparency at every step of the way.
We would like to express our gratitude to every individual who has been a part of Hector Network with a special thanks to our amazing Oracles and our moderators. Your engagement and dedication have been invaluable to the Hector Network.
We extend our gratitude to all community members who actively participated in the voting process.
Please stay tuned for further updates, which will be released as soon as possible. We are fully committed to providing you with the needed information as we proceed with the liquidation process.
Thank you once again for your unwavering support.
Dear Hectorians,
We would like to share an update regarding the progress of the Hector Network dissolution.
On July 18, 2023, the Steering Committee appointed the Liquidation Committee to oversee and run the liquidation process, after which the Steering Committee has ceased to exist.
The Liquidation Committee consists of
Legal Counsel: Sparring
Smart Contract Auditors: Certik and Hacken
BVI Liquidator: To be assigned by the Legal Counsel
Financial Statements and Asset Liquidation: Head of Finance
Infrastructure Closure: Head of Development
Head of Development along with two developers will be retained to wind down all the infrastructure, emissions plan, farming, liquidity pools, write, test and deploy the redemption contracts, and all other tasks regarding the old and new infrastructure. Head of Finance will advise legal counsel and the liquidator on the closing of the financial statements as well as assist with the liquidation of assets and will only remain until that process is completed.
Leo and Zeus have resigned as of 16th and 17th of July and all other contractors terms of service will be honoured over the next month. We express our huge gratitude for their contributions and dedication to the project and wish them the best in their future endeavours.
We assure you that we are committed to conducting the liquidation process with integrity and transparency.
We will keep you updated on the progress of the dissolution and provide further information as it becomes available.
Your support and understanding during this challenging period are greatly appreciated. Should you have any questions or concerns, please do not hesitate to reach out to us through our official communication channels.
Thank you for being part of the Hector Network community, and we extend our gratitude for your support and engagement.
We would like to share an update regarding the progress of the Hector Network dissolution.
On July 18, 2023, the Steering Committee appointed the Liquidation Committee to oversee and run the liquidation process, after which the Steering Committee has ceased to exist.
The Liquidation Committee consists of
Legal Counsel: Sparring
Smart Contract Auditors: Certik and Hacken
BVI Liquidator: To be assigned by the Legal Counsel
Financial Statements and Asset Liquidation: Head of Finance
Infrastructure Closure: Head of Development
Head of Development along with two developers will be retained to wind down all the infrastructure, emissions plan, farming, liquidity pools, write, test and deploy the redemption contracts, and all other tasks regarding the old and new infrastructure. Head of Finance will advise legal counsel and the liquidator on the closing of the financial statements as well as assist with the liquidation of assets and will only remain until that process is completed.
Leo and Zeus have resigned as of 16th and 17th of July and all other contractors terms of service will be honoured over the next month. We express our huge gratitude for their contributions and dedication to the project and wish them the best in their future endeavours.
We assure you that we are committed to conducting the liquidation process with integrity and transparency.
We will keep you updated on the progress of the dissolution and provide further information as it becomes available.
Your support and understanding during this challenging period are greatly appreciated. Should you have any questions or concerns, please do not hesitate to reach out to us through our official communication channels.
Thank you for being part of the Hector Network community, and we extend our gratitude for your support and engagement.
CLOSING OF FANTOM AND CASPER VALIDATORS
Dear Hectorians,
As part of the Hector Network liquidation process, Hector Network’s Fantom and Casper Validators will be closing. This announcement serves as a three-month notice for all users who have staked their $FTM and $CSPR tokens with our validators.
We kindly request that you unstake and withdraw all of your $FTM tokens from Hector Network’s Fantom validator at https://explorer.fantom.network/validator/0xbe4b73f5caff476ed0cdb4c043236fce81f4dc6c and $CSPR tokens form Hector Network’s Casper validator at https://cspr.live/validator/01b98d3b7868e8fca4e6f3927439d92e2555b3faf40665fbe29ab152a271bafb1e.
We appreciate your prompt action in withdrawing your tokens to ensure the safety and security of your assets.
Thank you for your understanding and cooperation.
Dear Hectorians,
As part of the Hector Network liquidation process, Hector Network’s Fantom and Casper Validators will be closing. This announcement serves as a three-month notice for all users who have staked their $FTM and $CSPR tokens with our validators.
We kindly request that you unstake and withdraw all of your $FTM tokens from Hector Network’s Fantom validator at https://explorer.fantom.network/validator/0xbe4b73f5caff476ed0cdb4c043236fce81f4dc6c and $CSPR tokens form Hector Network’s Casper validator at https://cspr.live/validator/01b98d3b7868e8fca4e6f3927439d92e2555b3faf40665fbe29ab152a271bafb1e.
We appreciate your prompt action in withdrawing your tokens to ensure the safety and security of your assets.
Thank you for your understanding and cooperation.
explorer.fantom.network
Fantom Explorer
Fantom Explorer allows you to explore and search the Fantom blockchain for transactions, addresses and blocks
LOCKLESS STAKING UPDATE
Hectorians!
As a part of the ongoing liquidation process of Hector Network (https://t.me/hectornetworkann/1552), we would like to inform all tokenholders that the lockless staking feature will be discontinued and that the Annual Percentage Yield (APY) for lockless staking has been reduced to 0%. We kindly request all tokenholders to unstake their staked tokens and refrain from staking any further 👉 https://app.hector.network/stake.
We appreciate your understanding and cooperation during the liquidation period. Further instructions and updates regarding the redemption process will be provided through our official communication channels.
Hectorians!
As a part of the ongoing liquidation process of Hector Network (https://t.me/hectornetworkann/1552), we would like to inform all tokenholders that the lockless staking feature will be discontinued and that the Annual Percentage Yield (APY) for lockless staking has been reduced to 0%. We kindly request all tokenholders to unstake their staked tokens and refrain from staking any further 👉 https://app.hector.network/stake.
We appreciate your understanding and cooperation during the liquidation period. Further instructions and updates regarding the redemption process will be provided through our official communication channels.
Telegram
Hector Network - Announcements
HIP 42 Results
Dear Hectorians,
With heavy hearts and utmost respect for the community's decision, we would like to announce that HIP 42 has concluded with a majority vote (83.31%) in favour of the liquidation of Hector Network and redemption of the $HEC…
Dear Hectorians,
With heavy hearts and utmost respect for the community's decision, we would like to announce that HIP 42 has concluded with a majority vote (83.31%) in favour of the liquidation of Hector Network and redemption of the $HEC…
LIQUIDATION UPDATE
As of July 17, 2023 at 1600 UTC time, Hector Network, which operated as a DAO, entered into liquidation mode with a majority vote (83.3%) of the Hector Network DAO community (https://t.me/hectornetworkann/1552).
As a result, all operations of Hector Network ceased to exist and are in the process of shutting down.
The assets of Hector Network, less any contractual and statutory obligations and liquidation costs, will be redistributed to $HEC tokenholders through a redemption process. Only the $HEC tokens acquired before the snapshot taken on July 14th at 1200 UTC (https://t.me/hectornetworkann/1548) will be eligible for redemption. The $HEC tokens held by the Hector Network treasury will not be considered for the purpose of redistribution. Since the Liquidation Committee was appointed to oversee and run the liquidation process (https://t.me/hectornetworkann/1553), the Liquidation Committee will post all communication and instructions related to the process, timing, and filing of redemption submissions.
As part of the liquidation process, in the next 24 - 48 hours all social media channels except Discord, Telegram and Twitter will be shut down. Discord, Telegram and Twitter communication channels will transition to announcement-only channels where the Liquidation Committee will provide updates and FAQs.
It is important to rely on official communications from these sources only to avoid misinformation, as fraudulent information may be circulating.
We understand that this may be a challenging time, and we appreciate your patience and cooperation throughout the liquidation process. Please stay tuned for further announcements and frequently asked questions (FAQs) that will address common concerns.
Thank you for your understanding and cooperation.
As of July 17, 2023 at 1600 UTC time, Hector Network, which operated as a DAO, entered into liquidation mode with a majority vote (83.3%) of the Hector Network DAO community (https://t.me/hectornetworkann/1552).
As a result, all operations of Hector Network ceased to exist and are in the process of shutting down.
The assets of Hector Network, less any contractual and statutory obligations and liquidation costs, will be redistributed to $HEC tokenholders through a redemption process. Only the $HEC tokens acquired before the snapshot taken on July 14th at 1200 UTC (https://t.me/hectornetworkann/1548) will be eligible for redemption. The $HEC tokens held by the Hector Network treasury will not be considered for the purpose of redistribution. Since the Liquidation Committee was appointed to oversee and run the liquidation process (https://t.me/hectornetworkann/1553), the Liquidation Committee will post all communication and instructions related to the process, timing, and filing of redemption submissions.
As part of the liquidation process, in the next 24 - 48 hours all social media channels except Discord, Telegram and Twitter will be shut down. Discord, Telegram and Twitter communication channels will transition to announcement-only channels where the Liquidation Committee will provide updates and FAQs.
It is important to rely on official communications from these sources only to avoid misinformation, as fraudulent information may be circulating.
We understand that this may be a challenging time, and we appreciate your patience and cooperation throughout the liquidation process. Please stay tuned for further announcements and frequently asked questions (FAQs) that will address common concerns.
Thank you for your understanding and cooperation.
Telegram
Hector Network - Announcements
HIP 42 Results
Dear Hectorians,
With heavy hearts and utmost respect for the community's decision, we would like to announce that HIP 42 has concluded with a majority vote (83.31%) in favour of the liquidation of Hector Network and redemption of the $HEC…
Dear Hectorians,
With heavy hearts and utmost respect for the community's decision, we would like to announce that HIP 42 has concluded with a majority vote (83.31%) in favour of the liquidation of Hector Network and redemption of the $HEC…