STG, the token of cross-chain bridge protocol Stargate Finance, rose after a Trader Joe partnership announcement. The Stargate DAO passed a token re-issuance proposal following security concerns tied to Alameda Research wallets. _jocelynyang_ reports
revealed that"Alameda does not have full control of its wallets and that a malicious actor or hacker is misappropriating Alameda’s funds,” the Stargate DAO said.
“Without a token re-issuance, a malicious actor with access to Alameda’s private keys could claim the Stargate tokens from the contract as they vest and misappropriate them as they seem to have with other funds,” the proposal read. Stargate will reissue STG tokens on March 15. In addition, a short squeeze over the past 48 hours has pushed STG’s price higher. Data sourced from crypto futures data platform
showed that traders liquidated some $342,000 of STG short positions versus around $126,000 of STG long positions.
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