The Aragon Association recently dissolved its board of directors and shut down its digital currency without informing the community, a move that infuriated the DAO. After deciding to disband its governing body and give token holders the majority of its assets, a DAO is suing its founding team. The Aragon Association said on November 2 that its governing board was to be dissolved. The group said that it is deploying the organization’s treasury to enable holders of ANT tokens to redeem their tokens for Ether ETH tickers below $2,101. The upgrade will return to its stakeholders about $155M in digital assets.
Sources Reveal That Aragon DAO Would Receive 70% Of The Whole Treasury
Aragon Association disbanded its governing body and shut down the ANT token without consulting the Aragon DAO, citing a number of reasons. A segment of the community has expressed considerable unhappiness with the move, which has outraged them. On November 21, the Aragon DAO decided to give Patagon Management, a Delaware-based business owned by Diogenes Casares, 300,000 USD Coin USDC tickers down $1.00 in order to sue Aragon. The company will lead the discussions and legal action against the Aragon group.
Casares informed Cointelegraph in a statement that the Aragon Association would get 70% of the whole treasury, in addition to an additional $20 million that has already been put aside. Casares estimates that the organization will receive $143 million in total, but investors will only receive $50 million. Casares clarified: “This is nonsensical, especially considering that the team further diluted investors’ interests by speeding up the redemption of Aragon tokens that should have belonged to the Aragon DAO.”
Casares is pursuing legal action to demonstrate his belief that the association’s actions are illegal. “We hope to demonstrate in court that such obviously intentional behavior is prohibited, and we think this will serve as an exemplary case for that. This, according to the plan, will guarantee that “these former token holders are not deprived of their reasonable sum of dead token funds, which will be given back to those who have purchased pro rata.”
