In About-Face, Crypto Exchanges Abandon Support for STG Token Reissuance

StargateDAO initially voted in favor of reissuing all STG tokens by March 15 after it uncovered security risks posed by “illegitimate STG transfers from compromised Alameda wallets,” referring to the failed crypto trading firm where roughly 10% of STG tokens are held. However, the DAO abandoned those plans when liquidators of FTX, Alameda’s sister company, rebuked the plan, arguing it violated an automatic stay issued in the FTX bankruptcy case.