Affected by the Multichain incident, Hector Network will liquidate $16 million in treasury assets2 hours ago

Odaily Planet Daily News Hector Network has voted to liquidate its $16 million treasury funds and distribute the proceeds to HEC token holders, with a voting support rate of 83.31%.
Hector DAO is a branch of Olympus DAO based on the Fantom blockchain. Due to the impact of the cross-chain bridge project Multichain on the Fantom ecosystem, it suffered heavy losses this month.
According to a Discord post, the liquidation and redemption process of HEC tokens will take six to 12 months, with the next steps including the appointment of a liquidator, legal counsel and auditors.
Hector’s HEC token has lost 60% of its value since July 6; its TOR stablecoin is trading at 13 cents. According to one investor estimate, the Hector Network treasury could suffer an $8 million loss due to the decoupling of Multichain-related stablecoins.
Hector DAO plans to redistribute its treasury income to holders in proportion according to the positions of HEC holders as of July 14th, and the final distribution amount may be less than 16 million US dollars. (CoinDesk)
According to previous reports, Multichain stated that the team was forced to stop operations, and the front-end website cannot be closed at present, reminding users not to continue using the service.