StakeHound Next Steps

Dear users,

Thank you for waiting. It has been a difficult time for everyone and we truly appreciate your patience. This is the follow-up announcement from our first statement regarding the failure of Fireblocks to secure the cryptographic keys of 38,178 of our Ethereum tokens.

The StakeHound team started with a clear vision of what the future between DeFi and Staking is going to be. We worked hard towards this vision and managed to grow quickly in the short span of a year. Regrettably, because of the severity of the recent events, we have decided to discontinue our liquid staking activities, i.e. the purchase of native tokens in exchange for staked tokens, with immediate effect. This will allow us to devote our full attention to the recovery of the loss.

We will also discontinue the distribution of staking rewards, except for stETH, starting on the 2nd of August 2021. You might want to approach us to sell your stTokens in exchange for native tokens, to which we might agree subject to availability and in accordance with our terms and conditions. You can do so on the StakeHound Onboarding platform

Please, note that all staked ETH are locked in the ETH2.0 staking contract for the time being and the possibility to sell stTokens does not apply to stETH. An upcoming update to the protocol by the Ethereum development team will allow the unstaking of the ETH, at which point you may approach us to sell your stETH in exchange for ETH to which we might agree subject to availability at our sole and full discretion. The possibility to exchange stETH for ETH will be reviewed upon the outcome of the unlock process as well as the legal proceedings.

We are humbled by the support that we have received from the community throughout these difficult times and would like to thank you all for this. We will continue to share updates via our official channels and don’t hesitate to email us at support@stakehound.com if you have any questions or concerns.

Thank you for being a part of this journey with us.

Yours faithfully,

The StakeHound Team