The struggling DeFi project Hector Network has entered bankruptcy proceedings in the British Virgin Islands. Consulting firm Interpath is awaiting final confirmation from the court to liquidate the remaining funds of the project. It is reported that the remaining assets of Hector DAO are worth $9.3 million. On February 19th, on-chain data showed that a total of $9.3 million worth of USDC and Ethereum were transferred multiple times from Hector DAO's known treasury wallet address to a new address in the GnosisSafe wallet. Interpath is currently waiting for the British Virgin Islands court to confirm its role as the receiver, which is expected to be determined on March 12th. After that, the company stated that it will continue to implement the plan to liquidate assets and distribute them to Hector Network investors.
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Hector Network enters receivership, with its remaining DAO assets valued at $9.3 million
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