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 <p class="is-style-lead">Aragon DAO <a rel="noopener noreferrer nofollow" title="votes" href="https://thebittimes.com/tag/votes.html">votes</a> to sue its <a rel="noopener noreferrer nofollow" title="founders" href="https://thebittimes.com/tag/founders.html">founders</a> after they unilaterally decided to dissolve its governing body and reallocate assets.</p>
 <p>The members of Aragon DAO, a platform that allows developers to create and scale DAOs without coding, have decided to initiate legal proceedings against its <a rel="noopener noreferrer nofollow" title="founders" href="https://thebittimes.com/tag/founders.html">founders</a>. This action comes in response to the <a rel="noopener noreferrer nofollow" title="founders" href="https://thebittimes.com/tag/founders.html">founders</a>’ decision to disband the organization’s governing structure and reallocate the majority of its assets to its tokenholders, a move that was made without the consensus of the DAO community.</p>
 <p>The controversy began on Nov. 2 when the Aragon team announced the <a rel="noopener noreferrer nofollow" title="dissolution" href="https://thebittimes.com/tag/dissolution.html">dissolution</a> of the Aragon Association, intending to distribute the organization’s funds to ANT tokenholders by allowing them to exchange their tokens for Ethereum. This plan involved redistributing approximately $155 million in digital assets.</p>
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    <p lang="en" dir="ltr">The @AragonAssoc deploys most of the treasury (&gt;$155m, 87%) to allow all token holders to redeem ANT for ETH, dissolves itself, and passes the torch to continue the mission.<br><br>Discover why pic.twitter.com/bfE9ZNayz6</p>— Aragon (@AragonProject) November 2, 2023
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 <p>The DAO community expressed significant dissatisfaction with the Aragon team’s unilateral decision to terminate the ANT token and dissolve the governing body, citing a lack of consultation and consideration for the broader community’s opinions.</p>
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 <p>In a decisive move on Nov. 21, the DAO voted to allocate $300,000 in USD Coin to Patagon Management, a Delaware-based firm. This funding is earmarked for legal actions against the Aragon <a rel="noopener noreferrer nofollow" title="founders" href="https://thebittimes.com/tag/founders.html">founders</a>. Patagon Management’s role will be to lead the negotiations and manage the lawsuit on behalf of the DAO.</p>
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 <p>The core of the proposal is to ensure a fair distribution of the remaining funds from the defunct token. The aim is to guarantee that those who have already redeemed their tokens receive a just proportion of the remaining assets, rather than allowing these funds to be unfairly distributed or withheld from former tokenholders.</p>
 <p>This case could set a precedent for how internal disputes within DAOs are resolved, especially in scenarios where the decisions of a few impact the broader community.&nbsp;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/aragon-dao-votes-to-sue-its-founders-over-dissolution-tbt71136.html">https://thebittimes.com/aragon-dao-votes-to-sue-its-founders-over-dissolution-tbt71136.html</a></p>

Aragon DAO votes to sue its founders over dissolution

TheBitTimes

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