HectorDAO files for Chapter 15 bankruptcy protection, suffering tens of millions of dollars in losses
2024-06-20 22:08:27
HectorDAO, a decentralized autonomous organization, has filed for Chapter 15 bankruptcy protection in the United States due to the collapse of the Terra ecosystem and multiple market crashes in 2022, as well as losses in capital due to hacking attacks. According to the documents, HectorDAO suffered $16.40 million in losses and suffered a $2.70 million hack in 2023. The move led Interpath Advisory to be appointed as an expert in bankruptcy administration and restructuring to investigate whether there was a possibility of hacking carried out internally by former administrators. The Chapter 15 bankruptcy filing allows HectorDAO to handle legal matters involving its international investors in the U.S. court system.
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