Binance Completes New STG Token Swap With Original STG Token
- Binance has now completed the STG replacement of Stargate Finance (STG) on AVAX C-Chain, Arbitrum One, BNB Smart Chain (BEP20), Ethereum (ERC20), Fantom, and Polygon network STG token and token replacement initial.
- The action was taken following Stargate Finance’s (STG) latest contract replacement announcement in a dispute with FTX liquidators.
According to the official announcement of Binance, the exchange has now completed the new STG generation of the Stargate Finance (STG) blockchain and AVAX Chain, Arbitrum One, BNB Smart Chain (BEP20), Ethereum (ERC20), Fantom, and Polygon about the original STG token.
In addition, Binance will reuse STG as the trading code of the original STG token. At the same time, STG deposit and withdrawal services are now open, and the withdrawn STG token will use STGOLD as the trading token.
In addition, the STGOLD deposit is now open, and withdrawal of STGOLD tokens will no longer be supported.
Reportedly, Stargate Finance’s original STG token is back in support after StargateDAO canceled its plans to reissue STG following a dispute with FTX liquidators.
Crypto exchanges’ decision to remove support for new STG tokens follows a decision by the decentralized autonomous organization (DAO) Stargate on Tuesday to stifle plans to mint new tokens, according to a recent community suggestion.
StargateDAO initially voted to re-issue all STG tokens by March 15 after discovering security risks due to “illegal transfers of STG from compromised Alameda wallets” this refers to the failed crypto exchange company, which holds about 10% of STG tokens.
However, the DAO abandoned those plans when the liquidators of FTX, Alameda’s sister company, rejected the plan, arguing that it violated the auto-residency right issued in the company’s bankruptcy FTX.
As a result, Bitfinex and Binance have revoked the scheduled STG contract swaps on different blockchains. They have also taken steps to determine if their users holding STG are holding the original STG token and not a reissued token.
Bitfinex has provided users with contract addresses on the Ethereum network so that they can check the validity of their STG tokens.
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