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 The DAO expressed dissatisfaction with the team’s recent move to dissolve its governing body and shut down its token without consulting its community.
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<div class="cointelegraph">
 A decentralized autonomous organization (DAO) is taking <a rel="noopener noreferrer nofollow" title="legal" href="https://thebittimes.com/tag/legal.html">legal</a> <a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a> against its founding team after a decision to dissolve its governing body and distribute most of its assets to the holders of their tokens.&nbsp;
 On Nov. 2, the team behind Aragon announced that it would be&nbsp;dissolving the Aragon Association. The group said it’s deploying the organization’s treasury so that holders of the ANT token can redeem Ether (ETH) in exchange for their tokens. The update will give back around $155 million in digital assets to its stakeholders.
 Citing various reasons, the team behind Aragon shut down the ANT Token and dissolved its governing body without consulting the DAO. This has angered a f<a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a> in its community, which expressed strong dissatisf<a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a> with the move.
 <blockquote class="twitter-tweet">
 This is pretty crazy The @AragonProject DAO has voted yes sue the Aragon team directly for the unfair redemption offer Might be the first time ever a dao pays to go <a rel="noopener noreferrer nofollow" title="legal" href="https://thebittimes.com/tag/legal.html">legal</a> on its own team? pic.twitter.com/bP27niQx1V— DCF GOD (@dcfgod) November 21, 2023
 </blockquote>
 On Nov. 21, the DAO voted to allocate 300,000 USD Coin (USDC) to Patagon Management LLC, a Delaware-based company owned by Diogenes Casares, to take <a rel="noopener noreferrer nofollow" title="legal" href="https://thebittimes.com/tag/legal.html">legal</a> <a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a> against Aragon. The firm will spearhead the negotiations and lawsuit against the Aragon team.&nbsp;
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 According to the proposal, this will ensure that “a reasonable amount of dead token funds are returned to those that have redeemed pro-rata and not taken away from these former tokenholders.”
 The passed proposal also allows Patagon to maintain confidentiality when it comes to protecting the legal process and to have the ability to decide on a legal strategy. However, all of Patagon’s financial transactions related to the case will be in public reports. Patagon will also store the funds in a wallet address and a bank account separate from the company’s business accounts.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/aragon-dao-votes-to-fund-legal-action-against-its-founders-tbt71089.html">https://thebittimes.com/aragon-dao-votes-to-fund-legal-action-against-its-founders-tbt71089.html</a>

Aragon DAO votes to fund legal action against its founders

TheBitTimes

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