Aragon Cancels Planned Token Holders Control over $200M Treasury and the DAO

Aragon Cancels Planned Token Holders Control over $200M Treasury and the DAO

Aragon Association, the Swiss entity that oversees Aragon, has canceled its plans for token holders to have broad voting powers over the project's $200 million treasury and strategic direction.

The move comes after the organization claimed to have undergone a "51% attack" from activist investors, including Arca, who were allegedly betting on the price of the $ANT token. The Association said it acted on its fiduciary duty to secure its treasury and mission by repurposing the Aragon DAO as part of a new grants program, citing Swiss regulations that mandate the use of Aragon's treasury for its stated social purpose.

The Aragon Network (Aragon) is a decentralized autonomous organization (DAO) whose goal is to act as a “digital jurisdiction” that aims to make it possible for organizations, entrepreneurs and investors to do business without a legal nexus.

 

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