{"id":25384,"date":"2023-11-21T13:58:01","date_gmt":"2023-11-21T13:58:01","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/aragon-dao-votes-to-fund-legal-action-against-its-founders\/"},"modified":"2023-11-21T13:58:04","modified_gmt":"2023-11-21T13:58:04","slug":"aragon-dao-votes-to-fund-legal-action-against-its-founders","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/aragon-dao-votes-to-fund-legal-action-against-its-founders\/","title":{"rendered":"Aragon DAO votes to fund legal action against its founders"},"content":{"rendered":"<p><\/p>\n<div data-v-8081b7b6=\"\">\n<p>A decentralized autonomous organization (DAO) is taking legal action against its founding team after a decision to dissolve its governing body and distribute most of its assets to tokenholders.<\/p>\n<p>On Nov. 2, the team behind Aragon announced that it would be\u00a0dissolving the Aragon Association. The group said it\u2019s deploying the organization\u2019s treasury so that ANT tokenholders can redeem Ether (ETH) in exchange for their tokens. The update will give back around $155 million in digital assets to its stakeholders. <\/p>\n<p>Citing various reasons, the team behind Aragon shut down the ANT token and dissolved its governing body without consulting the DAO. This has angered a faction in its community, which expressed strong dissatisfaction with the move. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This is pretty crazy<\/p>\n<p>The <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/AragonProject?ref_src=twsrc%5Etfw\">@AragonProject<\/a> DAO has voted yes sue the Aragon team directly for the unfair redemption offer<\/p>\n<p>Might be the first time ever a dao pays to go legal on its own team? <a rel=\"nofollow\" href=\"https:\/\/t.co\/bP27niQx1V\">pic.twitter.com\/bP27niQx1V<\/a><\/p>\n<p>\u2014 DCF GOD (@dcfgod) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/dcfgod\/status\/1726861803257471313?ref_src=twsrc%5Etfw\">November 21, 2023<\/a><\/p><\/blockquote>\n<p>On Nov. 21, the DAO voted to allocate 300,000 USD Coin (USDC) to Patagon Management, a Delaware-based company owned by Diogenes Casares, to take legal action against Aragon. The firm will spearhead the negotiations and lawsuit against the Aragon team.\u00a0<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Security firm dWallet Labs flags validator vulnerability that could affect $1B in crypto<\/em><\/strong><\/p>\n<p>According to the proposal, this will ensure that \u201ca reasonable amount of dead token funds are returned to those that have redeemed pro-rata and not taken away from these former tokenholders.\u201d <\/p>\n<p>The passed proposal also allows Patagon to maintain confidentiality when it comes to protecting the legal process and to have the ability to decide on a legal strategy. However, all of Patagon\u2019s financial transactions related to the case will be in public reports. Patagon will also store the funds in a wallet address and a bank account separate from the company\u2019s business accounts. <\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Simp DAO queen Irene Zhao on why good memes are harder than trading: X Hall of Flame<\/em><\/strong><\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A decentralized autonomous organization (DAO) is taking legal action against its founding team after a decision to dissolve its governing body and distribute most of its assets to tokenholders. On Nov. 2, the team behind Aragon announced that it would be\u00a0dissolving the Aragon Association. The group said it\u2019s deploying the organization\u2019s treasury so that ANT [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":25385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-25384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Aragon DAO votes to fund legal action against its founders | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/aragon-dao-votes-to-fund-legal-action-against-its-founders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aragon DAO votes to fund legal action against its founders | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"A decentralized autonomous organization (DAO) is taking legal action against its founding team after a decision to dissolve its governing body and distribute most of its assets to tokenholders. 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