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STFIL Protocol Core Team Under Investigation by Chinese Authorities

STFIL disclosed that its technical team is being investigated by Chinese authorities, which coincided with unexpected FIL token transfers and protocol updates. The community is mobilizing to address these issues.

  • STFIL says its core technical team is under investigation by Chinese police, coinciding with mysterious FIL token movements.
  • STFIL seeks community support to trace the missing FIL tokens and develop strategies to protect stakeholder interests.

FEVM-based trustless liquidity protocol, STFIL Protocol today stated on X (formerly Twitter) that it believes the STFIL core technical team is under investigation by local Chinese police. 

The protocol further wrote in the post that when the core technical team was under detention, there was a mysterious movement of FIL tokens from the STFIL platform to an unknown external address. Additionally, in recent days, there have been unusual, unplanned updates to the protocol.

Currently, STFIL Protocol is actively seeking support from the community to track the destination of the transferred FIL tokens. Conversations are happening within the community to develop effective strategies to safeguard stakeholder interests amid ongoing investigations and uncertainties related to the protocol.

Last year, Chinese authorities charged the alleged operators of a Filecoin mining pyramid scheme that defrauded over $83 million from investors. According to crypto journalist Colin Wu, almost all manufacturers of Filecoin machines have been detained by Chinese police under suspicion of pyramid schemes. 

Edited by Harshajit Sarmah