{"id":87288,"date":"2023-11-21T22:41:41","date_gmt":"2023-11-22T03:41:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/aragon-dao-backs-lawsuit-against-founding-team-allocates-300000-in-funding\/"},"modified":"2023-11-21T22:41:42","modified_gmt":"2023-11-22T03:41:42","slug":"aragon-dao-backs-lawsuit-against-founding-team-allocates-300000-in-funding","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87288","title":{"rendered":"Aragon DAO Backs Lawsuit Against Founding Team, Allocates $300,000 in Funding"},"content":{"rendered":"<div>\n<figure id=\"attachment_134759\" aria-describedby=\"caption-attachment-134759\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-134759\" class=\"wp-caption-text\">Image source: Adobe Stock<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Aragon DAO, a decentralized autonomous organization, has passed two votes that support a lawsuit against its founding team, allocating $300,000 in funding for the legal battle.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The voting process saw unanimous approval for the proposal, with 1.6 million governance tokens cast in favor, according to\u00a0<\/span><span data-preserver-spaces=\"true\">voting results<\/span><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The second vote regarding funding witnessed 1.6 million tokens in favor and 1 million tokens against.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The decision comes as a response to the Aragon Association\u2019s move to dissolve itself and discontinue its governance token, ANT, through redemptions for ether.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The association made this decision independently, without consulting the DAO, citing legal constraints as the reason for the move.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The proposed lawsuit intends to challenge the decision made without a vote and raises concerns about the Aragon Association potentially retaining $50 million.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The proposal aims to hold the responsible members of the Aragon Association accountable to ensure that investor funds are returned and not absorbed by the association\u2019s new undisclosed company.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To pursue legal action and negotiate with the Aragon team, the DAO has allocated $300,000 in funding to Patagon Management LLC.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Patagon, an investment company owned by Diogenes Casares, has previously taken legal action against Wei \u201cMax\u201d Wu in relation to the Spartacus DAO, where token holders felt they suffered losses due to a similar restructuring.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The funding has been transferred to Patagon\u2019s wallet in the stablecoin USDC.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The proposal also allows other individuals to contribute financially to the lawsuit.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If the case is won, these contributors will receive their funds back with a 10% annual interest rate and a 5% share of the total funds to be returned to token holders.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, if the case is lost, they will not receive compensation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">An oversight committee will monitor the progress of the lawsuit.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It consists of representatives from investment firm Arca, crypto trader DCF God, and pseudonymous individuals known as Wismerhill, Tedward, CM, Triangular, and Yakitori.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Aragon Association Claims Majority of ANT Holders Have Redeemed Tokens<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">The Aragon Association has said that a significant number of Aragon token holders have redeemed their tokens, surpassing the number of tokens used in the voting process.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">They argued that this suggests that the recent vote may not be fully representative of the Aragon community.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Aragon core team clarified that they are not part of the Aragon Association and had no decision-making power in the association\u2019s dissolution.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It is worth noting that individuals involved in the potential lawsuit against Aragon and serving on the oversight committee have been previously engaged in disputes and dealings with DAOs.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The RFV Raiders, a group of crypto activists, have been associated with efforts to shut down DAOs and distribute their treasuries among token holders.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Furthermore, Aragon has\u00a0<\/span><a rel=\"nofollow noopener\" class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/AragonProject\/status\/1656028401638023170\" target=\"_blank\"><span data-preserver-spaces=\"true\">implied<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that Avraham Eisenberg, who\u00a0<\/span><span data-preserver-spaces=\"true\">took responsibility for the attack on Mango Markets<\/span><span data-preserver-spaces=\"true\">, belonged to the group.\u00a0<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/aragon-dao-backs-lawsuit-against-founding-team-allocates-300000-in-funding.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image source: Adobe Stock Aragon DAO, a decentralized autonomous organization, has passed two votes that support a lawsuit against its founding team, allocating $300,000 in funding for the legal battle.\u00a0 The voting process saw unanimous approval for the proposal, with 1.6 million governance tokens cast in favor, according to\u00a0voting results.\u00a0 The second vote regarding funding [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":87289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-87288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Aragon DAO Backs Lawsuit Against Founding Team, Allocates $300,000 in Funding | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Image source: Adobe Stock Aragon DAO, a decentralized autonomous organization, has passed two votes that support a lawsuit against its founding team,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=87288\" \/>\n<meta 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