Aragon Repurposes DAO
The Aragon Association has announced that it will repurpose the Aragon DAO and remove voting rights for ANT holders after the organization faced a 51% attack from a group called the “RFV Raiders.”
Protecting the Aragon Treasury
To safeguard its treasury and mission, the Aragon Association has decided to use the Aragon DAO as part of a new grants program, acting in accordance with Swiss regulations.
Alleged Ties to Arca Capital Management
Aragon claims that the RFV Raiders, who are linked to the recent attack and liquidation of Rook DAO, are activist investors from the asset management firm Arca Capital Management, calling themselves the “vultures of crypto.”
Funds Governed by wANT Holders
Aragon has transferred 300,000 USD Coin to the Aragon Grants DAO, stating that the funds held by the DAO will remain on-chain and be governed by wrapped ANT (wANT) holders.
Arca’s Open Letter
Arca Capital Management previously sent an open letter addressing a disagreement with Aragon, offering a partial explanation for the 51% attack and suggesting that creative solutions were necessary for returning value to the token and allowing Aragon to continue building DAO public goods.
Impact on ANT Token Price
Following the announcement, the price of Aragon’s native ANT token dropped by slightly over 4% but has since recovered, with a 2% increase in the last 24 hours according to CoinGecko data.
Aragon’s Resilient Response to the Attack
In conclusion, the Aragon Association has taken swift and decisive action in response to the 51% attack by repurposing the Aragon DAO and revoking voting rights for ANT holders. By doing so, the organization aims to protect its mission and treasury, while adhering to Swiss regulations. As Aragon navigates these challenges, the cryptocurrency community will be watching closely to see the long-term impact on the Aragon ecosystem and ANT token value. Despite the initial dip in price, the token has shown signs of recovery, reflecting the resilience of the Aragon community and its commitment to decentralized governance.