On Tuesday, the Aragon Association announced that it had scrapped its plan for ANT token holders to have wide-ranging voting rights, which included control over strategic decisions and a $200 million treasury. This is a major setback for the Ethereum-based startup, which had been in the process of transitioning to a decentralized autonomous organization (DAO).
The Swiss entity Association, which oversees Aragon, announced that it has taken action to secure its treasury and mission through a repurposing of the Aragon DAO as part of a new grants program. This follows a “51% attack” from investors who were betting on the price of ANT.
“The Aragon treasury was established with the explicit mission of supporting builders to advance decentralized governance infrastructure. Based on Swiss regulations that mandate the use of Aragon’s treasury for its stated social purpose, fiduciary duty compels Aragon Association to secure these funds from those seeking to access them for their own financial gains. There is clear evidence that the entities involved in Aragon’s attack are pursuing that end.”