AzukiDAO to Claw Back 20,000 ETH from Founder

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Newly formed Azuki DAO has unveiled a proposal to retrieve 20,000 ETH from ‘Zagabond’, the founder of the esteemed Non-Fungible Token (NFT) brand, Azuki. 

The DAO alleges that Zagabond (Alex Xu) has engaged in rug-pulling activities across various projects, resulting in significant losses for investors. Seeking justice and reparation, the proposal suggests hiring legal representation to pursue legal action against Zagabond and retrieve $39 million earned from the Azuki “Elementals” NFT collection.

The objective of the Proposal

The DAO’s primary objective is to allocate any recovered funds back to the Azuki community. By promoting the growth and advancement of the community, the DAO aims to rebuild trust and ensure the long-term viability of the project.

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Notably, the AzukiDAO (BEAN) token holders have demonstrated overwhelming support for the proposal. According to the latest data, 88.11% of BEAN tokens have been cast in favor of the action, while 11.9% have voted against it. The proposal is set to conclude at 6:38 am UTC on July 3, giving the community a chance to voice their opinions and make their votes count.

Questions Arise Over AzukiDAO’s Legitimacy

Recent doubts have been cast over the legitimacy of AzukiDAO, which claims to be composed of “OG Azuki holders,” to the broader Azuki project. 

Pseudonymous commentator Tytan.ETH took to Twitter on July 3 to inform his followers that many Azuki holders were unaware of the existence of AzukiDAO and expressed suspicions regarding its authenticity and intentions.

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Additionally, the data from Etherscan, indicating that the BEAN token contract was minted two days ago, coupled with the creation of the associated Twitter page in June and the limited membership of its Discord channel with only 116 members, have intensified concerns within the crypto community.

A surge in DAO Subsector

Despite facing challenges and fluctuations in the broader crypto market, DAOs have demonstrated remarkable progress and development. According to ai97 recent report, assets held in DAO treasuries have more than doubled since the beginning of the year, an impressive performance given the presence of a bear market. 

This expansion indicates DAOs’ growing use and acceptability as a viable alternative to traditional centralized institutions.

According to statistics, the Optimism Collective stands out as the leading DAO, with an impressive $5.7 billion in treasury funds, representing a substantial 22% market share. Following closely behind is Arbitrum One, a layer 2 platform, with $4.8 billion in treasury funds, representing a significant 17.5% market share.

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