{"id":544826,"date":"2023-07-28T11:00:26","date_gmt":"2023-07-28T11:00:26","guid":{"rendered":"https:\/\/wncen.com\/?p=544826"},"modified":"2023-07-28T10:39:54","modified_gmt":"2023-07-28T10:39:54","slug":"defi-protocol-sparks-speculation-of-rug-pull","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/defi-protocol-sparks-speculation-of-rug-pull\/","title":{"rendered":"DeFi Protocol Sparks Speculation Of $16 Million Rug Pull After Severing Lines of Communication"},"content":{"rendered":"

DeFi protocol, Hector Network, has <\/span>closed<\/span><\/a> its official Discord server, leaving many investors in the dark. The move comes amidst growing suspicions of a $16 million <\/span>rug pul<\/span><\/a>l engineered through a so-called hard rug, a process where funds are quickly moved, leaving investors with shitcoins. This comes after a controversial rage-quit vote organized by the project\u2019s DAO.\u00a0<\/span><\/p>\n

DeFi Protocol Hector Network Leaves Investors In Limbo<\/h2>\n

Hector Network investors woke up to the news that the DeFi protocol had cut off communications on its official Discord server. The Discord server was the only means of communication between the network\u2019s team and its investors which was established after the Hector Network team censored them from the official server in April.\u00a0<\/span><\/p>\n

Related Reading: Lacoste Unveils Exclusive Ethereum-Based Virtual Store For NFT Holders<\/a><\/div>\n

The server was meant to run parallel to the official Discord, preserving data from the latter. Since then, it has become the only means of communication among DAO members.<\/span><\/p>\n

The move has left the network\u2019s investors in a state of shock since they no longer have any means of communication with the network\u2019s team. This has led to a lot of backlash, and according to Libagscientist, an investor and vocal critic of the platform, \u201cthere is no backchannel open anymore.\u201d\u00a0<\/span><\/p>\n

In the absence of any official communication, dejected investors are accusing the network of siphoning the $16 million left in its treasury.\u00a0<\/span><\/p>\n

According to investors, the team embezzled the project\u2019s funds over an 18-month period starting in 2021. According to records of DAO votes, the Hector team received over $51 million in salaries during this period without delivering on any meaningful milestone. An aggrieved investor identified as <\/span>Jintu<\/span><\/a> said, \u201c..not one thing has actually moved forwards.\u201d<\/span><\/p>\n

A Story of Sheer Incompetence and Greed<\/b><\/h2>\n

The Hector Network is part of several Olympus DAO forks, a prominent cryptocurrency reserve currency project that peaked during the DeFi summer of 2021. The Hector Network, like other Olympus DAO forks, promised huge annualized yields of about 100,000% in the beginning, and the early successes of Olympus DAO attracted many investors hunting for massive returns.\u00a0<\/span><\/p>\n

During its hay days, Hector Network\u2019s native token, HEC reached $357 in late 2021. However, the platform’s challenge lies in the fact that its inflationary yield needs to be supported with a steady influx of investor cash to keep the HEC token valuable and maintain its high yields.\u00a0<\/span><\/p>\n

Related Reading: European Central Bank Follows US Fed\u2019s Footsteps With 25 BPS Hike<\/a><\/div>\n

Following the crypto winter that began in November 2021, the platform has been unable to recover. Aggrieved investors believe that the team should have applied the funds held in its treasury toward developing value for token holders.\u00a0<\/span><\/p>\n

Many have now accused the team of being greedy and unconcerned about meeting the targets of the network and the current saga might eventually end up in the courts. However, investors\u2019 top priority remains to recoup their funds. <\/span>Hector Network has declined requests for comments but has unequivocally rejected the allegations in a <\/span>statement<\/span><\/a> released on June 14.<\/span><\/p>\n

\"Hector<\/p>\n

HEC token price trending low at $3.2 | Source: HECBUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Bitcoinist, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
DeFi protocol, Hector Network, has closed its official Discord server, leaving many investors in the dark. The move comes amidst growing suspicions of a $16 million rug pull engineered through a so-called hard rug, a process where funds are quickly moved, leaving investors with shitcoins. This comes after a controversial rage-quit vote organized by the project\u2019s DAO.\u00a0 DeFi Protocol Hector Network Leaves Investors In Limbo Hector Network investors woke up to the news that the DeFi protocol had cut off communications on its official Discord server. The Discord server was the only means of communication between the network\u2019s team and its investors which was established after the Hector Network team censored them from the official server in April.\u00a0 Related Reading: Lacoste Unveils Exclusive Ethereum-Based Virtual Store For NFT Holders The server was meant to run parallel to the official Discord, preserving data from the latter. Since then, it has become the only means of communication among DAO members. The move has left the network\u2019s investors in a state of shock since they no longer have any means of communication with the network\u2019s team. This has led to a lot of backlash, and according to Libagscientist, an investor and vocal critic of the platform, \u201cthere is no backchannel open anymore.\u201d\u00a0 In the absence of any official communication, dejected investors are accusing the network of siphoning the $16 million left in its treasury.\u00a0 According to investors, the team embezzled the project\u2019s funds over an 18-month period starting in 2021. According to records of DAO votes, the Hector team received over $51 million in salaries during this period without delivering on any meaningful milestone. An aggrieved investor identified as Jintu said, \u201c..not one thing has actually moved forwards.\u201d A Story of Sheer Incompetence and Greed The Hector Network is part of several Olympus DAO forks, a prominent cryptocurrency reserve currency project that peaked during the DeFi summer of 2021. The Hector Network, like other Olympus DAO forks, promised huge annualized yields of about 100,000% in the beginning, and the early successes of Olympus DAO attracted many investors hunting for massive returns.\u00a0 During its hay days, Hector Network\u2019s native token, HEC reached $357 in late 2021. However, the platform’s challenge lies in the fact that its inflationary yield needs to be supported with a steady influx of investor cash to keep the HEC token valuable and maintain its high yields.\u00a0 Related Reading: European Central Bank Follows US Fed\u2019s Footsteps With 25 BPS Hike Following the crypto winter that began in November 2021, the platform has been unable to recover. Aggrieved investors believe that the team should have applied the funds held in its treasury toward developing value for token holders.\u00a0 Many have now accused the team of being greedy and unconcerned about meeting the targets of the network and the current saga might eventually end up in the courts. However, investors\u2019 top priority remains to recoup their funds. Hector Network has declined requests for comments but has unequivocally rejected the allegations in a statement released on June 14. HEC token price trending low at $3.2 | Source: HECBUSD on Tradingview.com Featured image from Bitcoinist, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":544842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[86983,84679,88726,88725,85275],"class_list":["post-544826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-defi-protocol","tag-discord","tag-hec","tag-hector-network","tag-rug-pull"],"acf":[],"yoast_head":"\nDeFi Protocol Sparks Speculation Of $16 Million Rug Pull After Severing Lines of Communication<\/title>\n<meta name=\"description\" content=\"DeFi protocol, Hector Network, has closed its official Discord server, leaving many investors in the dark. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"DeFi Protocol Sparks Speculation Of $16 Million Rug Pull After Severing Lines of Communication","url":"http:\/\/wncen.com\/news\/defi\/defi-protocol-sparks-speculation-of-rug-pull\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/defi\/defi-protocol-sparks-speculation-of-rug-pull\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Hector-Network.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Hector-Network.png?fit=624%2C352"},"articleSection":"DeFi","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["defi protocol","discord","hec","hector network","rug pull"],"dateCreated":"2023-07-28T11:00:26Z","datePublished":"2023-07-28T11:00:26Z","dateModified":"2023-07-28T11:00:26Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"DeFi Protocol Sparks Speculation Of $16 Million Rug Pull After Severing Lines of Communication\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/defi-protocol-sparks-speculation-of-rug-pull\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/defi-protocol-sparks-speculation-of-rug-pull\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Hector-Network.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Hector-Network.png?fit=624%2C352\"},\"articleSection\":\"DeFi\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"defi protocol\",\"discord\",\"hec\",\"hector network\",\"rug pull\"],\"dateCreated\":\"2023-07-28T11:00:26Z\",\"datePublished\":\"2023-07-28T11:00:26Z\",\"dateModified\":\"2023-07-28T11:00:26Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Hector-Network.png?fit=624%2C352","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544826"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=544826"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544826\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/544842"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=544826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=544826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=544826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}