Aragon, the open-source platform for constructing decentralized autonomous organizations (DAOs), has instantly withdrew plans to grant voting rights to its native Aragon (ANT) token holders concerning the group’s future path.
On Could ninth, the group accountable for Aragon’s administration, the Aragon Affiliation, introduced that it has exerted its “fiduciary responsibility” to guard its treasury and mission by “repurposing the Aragon DAO as a part of a brand new grants program.”
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The transfer got here as a response to a 51% assault on the newly launched Aragon DAO by a bunch often known as the “Threat Free Worth (RFV) Raiders,” who aimed to use using ANT tokens for monetary acquire.
A 51% assault is an exploit orchestrated by a bunch of crypto miners that has management over greater than 50% of the blockchain community’s mining hash charge.
Aragon’s weblog submit claims that the RFV Raiders, who check with themselves because the “vultures of crypto,” are activist buyers linked to Arca Capital Administration and had been concerned within the assault and liquidation of Rook DAO in April.
In accordance with Aragon, Swiss rules mandate using the Aragon treasury to assist the event of decentralized governance infrastructure, and its fiduciary responsibility requires securing these funds from entities searching for private monetary features.
There may be clear proof that the entities concerned in Aragon’s assault are pursuing that finish.
Aragon lately transferred $300,000 in USD Coin (USDC) to the Aragon Grants DAO and clarified that the funds held by the DAO would keep on-chain, ruled by wrapped ANT (wANT) holders.
Within the wake of those occasions, the value of Aragon’s native ANT token dipped by over 4% and continues to fall. On the time of writing, Aragon (ANT) token retails for $2.78, recording a 2.84% lower within the final 24 hours.
The decisive response by Aragon serves as a reminder of the potential threats and challenges that decentralized organizations might face within the quickly evolving crypto panorama.