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Mantle pauses token migration to stop FTX from converting $43M in BIT tokens to MNT

CryptofreePress Staff by CryptofreePress Staff
August 18, 2023
in Blockchain
0
Mantle pauses token migration to stop FTX from converting $43M in BIT tokens to MNT

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A neighborhood member began a dialogue amongst contributors within the Mantle decentralized autonomous group (DAO), proposing to limit the collapsed FTX alternate and Alameda Analysis from changing their BitDAO (BIT) tokens price $43 million to Mantle (MNT) amid the continuing token migration course of. 

Group dialogue on stopping FTX from changing its BIT tokens. Supply: Mantle

On Nov. 2, 2021, BitDAO swapped 100 million BIT with Alameda in alternate for over 3.Three million FTX tokens (FTT). The commerce got here with a public dedication to carry one another’s tokens for a span of three years, which is till Nov. 2, 2024. Nonetheless, amid the FTX fallout in 2022, BitDAO suspected Alameda of dumping the tokens and inflicting BIT to plummet. On the time, former Alameda CEO Caroline Ellison denied their involvement within the dump. 

Associated: BitDAO’s Mantle Core staff proposes $200M for Web3 fund

Quick ahead just a few months and the BitDAO neighborhood proposed the unification of the BitDAO ecosystem which had BitDAO as its governance arm and Mantle as its product. On Might 12, neighborhood member Cateatpeanut initiated a governance vote to unify each beneath the Mantle banner, which might additionally imply that BIT holders would have their tokens transformed into MNT. On Might 19, the proposal to unify Mantle and BitDAO handed with overwhelming assist from its neighborhood.

On Aug 17, the matter of the BIT tokens held by Alameda grew to become a topic of dialogue for Mantle neighborhood members. Cateatpeanut argued that FTX Group’s BIT shouldn’t be mechanically transformed to MNT due to “numerous disqualifying elements.” In line with the neighborhood member, there isn’t any “assured proper of migration” for the tokens, and he then initiated the proposal.

Inside the proposal, the neighborhood member requested to implement a brand new MNT migration sensible contract that is ready to prohibit the automated migration of FTX-owned tokens. The neighborhood member additionally highlighted that the on-chain migration contract has been paused till the conclusion of the dialogue and the vote.

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