Across accused of rigging votes to siphon $23 million from DAO coffers for private company
PANews June 27 news, GlueNet co-founder Ogle posted on the X platform that the cross-chain protocol Across Protocol team allegedly used secret voting to extract about $23 million from the Across DAO treasury for its private company Risk Labs. In October 2023, Kevin Chan, head of the Across project, submitted a proposal to the DAO to transfer 100 million ACX tokens (currently worth about $15 million) to Risk Labs, claiming that this was a strategic investment in the future of Across Protocol and promising that the tokens would not be sold within two years. However, on-chain analysis shows that Kevin and team members used multiple secret wallets to participate in the vote, creating the illusion of broad community support. Less than a year later, the team again made a "retroactive grant" request for 50 million $ACX (currently worth about $7.5 million). More worryingly, the team was accused of having sold the token option agreement in the first proposal to "strategic investors" without disclosure, contrary to the original promise. Ogle believes that this move harms the interests of ACX holders and intensifies future selling pressure. He stressed that DAOs should prohibit internal personnel from voting on their own proposals, and if they need to vote, they must disclose conflicts of interest. There are many chaos in the DAO field in the crypto field, and internal threats are great, and the industry urgently needs to strengthen governance.
You May Also Like
WTO report: Artificial intelligence could drive nearly 40% of global trade growth by 2040
Bitcoin 8% Gains Already Make September 2025 Its Second Best
