Hector Lending
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anchored·4DtWog…4aYHSummary
Hector Lending is a defunct DeFi lending protocol built on the Fantom blockchain and operated by Hector Network (also known as Hector DAO). It was one of several products in an ecosystem whose treasury declined from approximately $110 million to near zero through a combination of alleged team mismanagement, three separate security incidents, and a court-ordered receivership. The broader Hector Network entered BVI receivership in February 2024 and subsequently obtained US Chapter 15 bankruptcy recognition — the first DAO ever to do so — in July 2024.
Connected Entities
1 entities- + 4 more
Timeline(14 events)
November 2021
Hector Network (Hector DAO) launches on Fantom with HEC rebase token; treasury builds to approximately $110 million at peak.
2022
Hector Lending deployed as a lending product within the Hector ecosystem on Fantom.
June 2022
Undisclosed ransomware attack targets Hector Network's self-managed hosting platform; team pays an undisclosed BTC ransom and does not publicly disclose the incident to investors.
March 2023
Activist investor group RFV Raiders and community member Lilbagscientist publicly accuse the Hector team of slow-rugging — paying $14 million in team salaries every six months without delivering products.
2 June 2023
Hector Network suffers a $653,000 exploit on a beta bridge contract via an unlimited USDC spending approval. The team does not issue a timely post-mortem. DefiLlama classifies the incident as a protocol logic vulnerability on Fantom.
6 July 2023
Multichain bridge collapses; Hector Network loses $8 million in treasury assets as bridged tokens depegged from Ethereum-side collateral.
15 July 2023
Hector DAO token holders pass governance proposal HIP 42 with 83.31% support, voting to dissolve the project and distribute remaining treasury assets (~$16 million) to token holders.
September 2023
Hector Network Discord server goes dark, removing primary investor communication channel.
19 December 2023
CertiK completes audit of the HectorRedemptionTreasury contract and flags centralization risk in the AddEligibleWallet function as unresolved after the team declines to implement recommended changes.
15 January 2024
HectorRedemptionTreasury exploit: attacker adds an eligible wallet via AddEligibleWallet (tx 0x1b813d9), then calls mintWithdraw (tx 0xd1b342c) to drain $2.7 million. Blockchain analysis suggests an inside job or private key compromise.
18 January 2024
Hector Network team sends final communication to investors, then goes silent, allegedly deleting the Google Group email address used for investor contact.
19 February 2024
Eastern Caribbean Supreme Court (BVI) issues receivership order placing Hector Network under the custody of Interpath BVI, with James Drury and Paul Pretlove as receivers. Remaining assets valued at approximately $9.3 million.
9 April 2024
BVI courts issue final receivership order appointing Interpath on a full and final basis.
15 July 2024
U.S. Bankruptcy Judge Michael B. Kaplan grants Chapter 15 recognition of the BVI receivership, marking the first time a DAO has obtained US bankruptcy recognition as a debtor.
Decision Log
- hash: 6GX3CtuFug2ky5ozwpvViyuiDaebBFBZNvfJbDVs3zeX
This investigation is cryptographically anchored to the Solana blockchain (1 event). 15 of 17 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:41 AM
last updated: 8/30/2026, 5:14:11 AM
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