Aragon decides to rehire the Aragon Dow. Take action against the attack coordinated by CoinEdition


Aragon decides to rehire the Aragon Dow. Move against the coordinated attack
  • Aragon responded with a coordinated 51% attack on the DAO.
  • This attack made Aragon rehire the Aragon Dow.
  • Aragon’s move was criticized by leading businessmen.

The Aragon Association announced on Tuesday that it has decided to cancel its previous plans regarding the broad voting power granted to holders of its ANT token.

These voting powers included various aspects, such as strategic direction and control of a $200 million treasury. This development significantly hinders the startup’s transition towards becoming a decentralized autonomous organization, which was a central goal of the company.

The decision to revoke voting powers was prompted by a recent incident where the newly created Aragon DAO fell victim to a 51% attack. The attack was organized by a group known as the “Raiders of Risk Free Value (RFV)”. Their goal behind the attack was to manipulate the use of ANT tokens for personal financial gain.

RFV Raiders and Arca are responsible for removing Rook DAO, Invictus DAO, Fei Protocol, Rome DAO and Temple DAO.

One member was also imprisoned for his involvement in exploiting Mango DAO.

The move has some entrepreneurs talking about the immaturity of the cryptocurrency, with some even suggesting alternatives. DACM CEO Richard Galvin said he finds these battles very interesting. He noted that traditional raids and similar contentious transactions are usually highly regulated and litigated within well-established legal frameworks. In contrast, he also stated that the cryptocurrency industry is considered the least legally mature asset class in existence.

Another Robot Ventures investor, who goes by the name of Leshner, offered an alternative. Leshner stated that if developers wanted on-chain management without complexity, they could fork the Composite Governance framework instead. This, according to him, is free, battle-tested, and also allows code holders to implement code changes directly.

The crypto community may not have welcomed this move in a positive way. Some users have expressed their dissatisfaction with the change. One user called monetsupply.eth expressed his disappointment regarding this action. He also called the action “nothing but misappropriation”. Another user also asked where to vote for this decision.

Aragon decided to rehire the Aragon Dow. The move against the coordinated attack appeared first in the coin edition.

See the original on CoinEdition


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