Aragon launches defensive measures against Arca’s ‘51% attack’

Aragon, an open-source framework designed to launch decentralized autonomous organizations (DAOs), has pulled plans for its native Aragon (ANT) token holders to be given voting rights over the long run path of the group.

The Aragon Affiliation, a Switzerland-based group that oversees the administration of Aragon stated in a Might 9 tweet it exercised its “fiduciary obligation” to safe its treasury and total mission by “repurposing the Aragon DAO as a part of a brand new grants program.”

The choice was made after the lately launched Aragon DAO suffered a 51% assault by the hands of a bunch referred to as the “Danger Free Worth (RFV) Raiders” who have been in search of to govern using ANT as a method to realize monetary acquire.

At the moment, the Aragon Affiliation acted on its fiduciary obligation to safe its treasury by repurposing the Aragon DAO right into a grants program.

This can be a response to a coordinated assault by the group often known as “Danger Free Worth Raiders” who took down Rook DAO. https://t.co/tVp9QXUUsx

— Aragon (@AragonProject) May 9, 2023

In accordance with a weblog submit from Aragon, the RFV Raiders are linked to the current assault and liquidation of Rook DAO which occurred in early April. Aragon alleges the Raiders are activist buyers from the asset administration agency Arca Capital Administration and check with themselves because the “vultures of crypto.”

The weblog submit shed additional gentle on the controversial resolution:

“The Aragon treasury was established with the express mission of supporting builders to advance decentralized governance infrastructure.”

Aragon defined that due to Swiss laws that mandate its use for these acknowledged ends, its fiduciary obligation compels it to “safe these funds from these in search of to entry them for their very own monetary good points.”

“There may be clear proof that the entities concerned in Aragon’s assault are pursuing that finish.”

A Might 9 Twitter thread detailing the present standing of the Aragon DAO defined that Aragon transferred an preliminary fee of 300,000 USD Coin (USDC) to the Aragon Grants DAO. Aragon claims the funds at the moment held by the DAO will stay on-chain and are to be ruled by wrapped ANT (wANT) holders.

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On Might 2, Arca Capital penned an open letter responding to an earlier disagreement that noticed quite a few stakeholders barred from Aragon’s Discord, which supplied a partial clarification for the current 51% “assault.”

Arca claimed that it was “needed to permit token holders to search out artistic options to return worth to the token whereas concurrently permitting Aragon to proceed constructing vital DAO public items” noting that this might not start till the “treasury switch is additional alongside.”

Aragon’s resolution to repurpose its DAO comes simply over a month after the staff introduced additional collaboration with the favored Ethereum scaling group Polygon Labs.

The worth of Aragon’s native ANT token stumbled a contact over 4% from $2.95 to $2.83 following the replace. On the time of publication, the worth of ANT is up 2% within the final 24 hours in keeping with CoinGecko information.

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