- Aragon pulls plans to give native token holders voting rights over its DAO.
- The recent 51℅ attacks perpetrated by the RFV raiders have reshaped the firm’s infrastructure opinion.
- Aragon believes the raiders to be activist investors called “vultures of crypto.”
The popular open-source framework, Aragon, has pulled plans to offer its native token holders (ANT) voting rights of the prospective path of the association.
On May 9, the Switzerland-based Aragon Association—which manages Aragon—posted on its Twitter page, announcing its decision to secure its treasury after the attack by Risk-Free Value Raiders.
“Today, the Aragon Association acted on its fiduciary duty to secure its treasury by repurposing the Aragon DAO into a grants program,” the tweet reads.
In Aragon’s blog post, the firm stated that after Aragon Association (AA) sent a transaction of 300,000 USDC to the Aragon DAO, the DAO was victim to a coordinated 51℅ attack. Since the attack, Aragon Association has decided only to transfer funds to the DAO if its requirements are met.
The company announced a grants program to be dispersed through the Aragon DAO and managed by ANT holders. This decision was to guarantee that the project’s resources would continue funding builders launching DApps and DAOs, and plugins on the new tech stack.
Aragon also pointed fingers at Risk-Free Value (RFV) Raiders connected to the dissolution and liquidation of Rook DAO in April 2023. The crypto firm stated that all evidence indicated that the involvement of RFV was to extract value from Aragon for financial gains.
Aragon admitted to anticipating this attack because of the imbalance between the value of the treasury and ANT.
“The Aragon Association anticipated this risk; it is the primary reason why the association did not move its entire treasury worth $200 million on-chain,” the blog post states.
In its May 9 Twitter thread, Aragon explained that Arca Capital Management was in charge of the attack on Aragon; hence, in response, the repurposing of the DAO is primarily to allow users to “experiment with governance at the speed of software.”
According to Aragon, the RFV and Arca should be held responsible for the attack on Rome DAO, Rook DAO, Fei Protocol, Temple DAO, and Invictus DAO.
What is the ANT token?
The ANT token was designed to offer its holders permissionless and trustless participation in the DAO’s governance technology. The ANT token is a utility token and, as such, was created for various purposes.
The 51℅ attacks on Aragon
According to the blog post, the attack on Aragon DAO began on May 2. The firm admitted to a spontaneous and suspicious “uptick” in Aragon’s Discord server activity.
The moderators noticed that the attack was coordinated and restricted a few users engaged in harassment in the channel.
An on-chain report revealed that months before the attack, Arca and RFV raiders had been actively buying ANT and were able to wrap their tokens, allowing them to reach a significant vote in the Aragon DAO.
Conclusion
Aragon has accused Arca and RFV raiders of playing a massive role in the 51℅ attacks, which occurred recently, and in the wake of the attack, the DAO has moved to pull plans that would give its ANT holders voting rights over the DAO.
