Aragon Takes Defensive Measures Against Arca’s “51% Attack”

After the attack, the Aragon Association canceled plans to give ANT holders DAO voting rights.

Aragon, an open-source platform for decentralized autonomous organizations (DAOs), has canceled plans to offer its native Aragon (ANT) token holders voting powers over the organization’s future.

In a May 9 tweet, the Switzerland-based Aragon Association claimed it performed its “fiduciary duty” by “repurposing the Aragon DAO as part of a new grants program” to protect its treasury and mission.

After the “Risk Free Value (RFV) Raiders” attacked the recently formed Aragon DAO with a 51% attack, the decision was made to manipulate ANT for financial benefit.

Today, the Aragon Association fulfilled its fiduciary duty to secure its money by converting the DAO into a grants program.

Aragon’s blog article links the RFV Raiders to Rook DAO’s early April attack and liquidation. Aragon claims that the Raiders are “vultures of crypto” activist investors from Arca Capital Management.

“The Aragon treasury was established with the explicit mission of supporting builders to advance decentralized governance infrastructure.”

Aragon claimed that Swiss regulations require it 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.”

Aragon gave the Aragon Grants DAO 300,000 USD Coin in a May 9 Twitter post. Aragon claims wrapped ANT (wANT) holders will administer DAO funds on-chain.

Arca Capital wrote an open letter on May 2 in response to an earlier disagreement that blocked several stakeholders from Aragon’s Discord, partially explaining the recent 51% “attack.”

Arca stated that the “treasury transfer is further along” before token holders may find creative solutions to return value to the token while simultaneously allowing Aragon to continue building important DAO public goods.

After a month of working with Polygon Labs, Aragon decided to repurpose their DAO.

After the update, Aragon’s native ANT token fell from $2.95 to $2.83. According to CoinGecko, ANT has gained 2% in 24 hours.

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