1. BITBILIHome
  2. Article

Azuki enthusiasts vs. founder – will $39M worth of ETH be recovered?

• 31 views

TL;DR Breakdown

  • A newly formed decentralized autonomous organization (DAO) comprised of Azuki enthusiasts has put forth a proposal to reclaim 20,000 Ether from Zagabond, the founder of the renowned NFT brand Azuki. 
  • The recovered funds would then be allocated back to the DAO to support the growth of the broader platforms community.
  • Some holders claim to have no prior knowledge of AzukiDAO and suspect it may be either fake or driven by malicious intentions.

Description

A newly formed decentralized autonomous organization (DAO) comprised of Azuki enthusiasts has put forth a proposal to reclaim 20,000 Ether from Zagabond, the founder of the renowned NFT brand Azuki. The proposal, initiated on July 2, aims to hire a lawyer and take legal action against Zagabond, also known as Alex Xu, for allegedly engaging … Read more

A newly formed decentralized autonomous organization (DAO) comprised of Azuki enthusiasts has put forth a proposal to reclaim 20,000 Ether from Zagabond, the founder of the renowned NFT brand Azuki. The proposal, initiated on July 2, aims to hire a lawyer and take legal action against Zagabond, also known as Alex Xu, for allegedly engaging in fraudulent activities across multiple projects. 

The DAO seeks to retrieve $39 million worth of ETH that was acquired through Azuki’s controversial “Elementals” collection launch. The recovered funds would then be allocated back to the DAO to support the growth of the broader platforms community.

As of now, 88.11% of the DAO’s Bean tokens have voted in favor of the clawback proposal, while 11.9% have voted against it. The voting period is set to conclude on July 3 at 6:38 am UTC. However, skepticism has arisen regarding the legitimacy of the newly formed DAO and its connection to the platform’s project. Some holders claim to have no prior knowledge of AzukiDAO and suspect it may be either fake or driven by malicious intentions.

Further scrutiny arises from the recent creation of the Bean token contract, as evidenced by data from Etherscan. The associated Twitter page was established in June 2023, and the Discord channel currently has only 116 members. These factors have raised doubts about the authenticity and intentions of the recently formed community.

Azuki NFTs controversy

Criticism has been mounting against the Azuki team since the launch of their “Azuki Elementals” collection on June 27. The collection was first hinted at during the platforms event held in Las Vegas on June 23, with a small portion of the 20,000 NFTs airdropped to select Azuki holders. The remaining NFTs were made available for purchase on June 27, with a 20-minute pre-sale window for existing Azuki NFT holders and “BEANZ” token holders.

However, the sale did not proceed publicly as the entire collection was quickly sold in private sales within 15 minutes. The controversial launch generated a total of $38 million for the team. The backlash stemmed from various issues, including the short pre-sale window, technical difficulties on the overloaded website, and criticisms of the art’s lack of originality. 

NFT holders also expressed concerns that the introduction of 20,000 new NFTs would diminish the value of existing ones in the Azuki collection. Matters escalated when the project team reportedly transferred 20,000 ETH from the wallet shortly after minting the collection, further fueling the controversy.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Azuki enthusiasts vs. founder – will $39M worth of ETH be recovered?

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月5日 04:08
Next 2023年7月5日 07:19

Related articles

  • Canada’s CBDC is struggling, and incentives won’t work on Canadians

    TL;DR Breakdown Bank of Canada research paper discovers that most consumers would have “weak incentives” to use a CBDC, as Canadians don’t face meaningful barriers to financial services like bank accounts or debit and credit cards. The paper states that 98% of Canadian adults have a bank account, 87% also have a credit card, and 90% of rural and urban households have access to high-quality internet. Market analysts have proposed non-CBDC-related strategies that could be more effective in assisting the unbanked in Canada. Description According to a new Bank of Canada paper, the average Canadian has little reason to adopt a central bank-issued digital currency, which could hinder its widespread acceptance. In the staff discussion paper released on August 10, the central bank examined a hypothetical scenario in which currency was virtually eliminated to determine the potential role of … Read more According to a new Bank of Canada paper, the average Canadian has little reason to adopt a central bank-issued digital currency, which could hinder its widespread acceptance. In the staff discussion paper released on August 10, the central…

    Article 2023年8月11日

  • Bitcoin has the potential to cut global emissions by 8%

    TL;DR Breakdown Since the onset of Bitcoin, critics have tied BTC mining to environmental harzadness, But how true is this assumption?  A recent study by the Institute of Risk Management titled “Bitcoin and the Energy Transition: From Risk to Opportunity” states that BTC could potentially speed up global energy transition. The paper illustrates that BTC has the potential to accomplish its environmental, Social, and Governance(ESG) roles by using wasted energy resources such as Methane gas, aiding power grid stability, and promoting renewable sources of energy.  Description Since the inception of Bitcoin to the financial landscape and its underlying Blockchain technology, there has been a lot of controversy surrounding the industry. Voices from environmental activists raising their concerns over the effects of the new assets on the environment have often controlled the narrative around the subject. However, a recent study by the … Read more Since the inception of Bitcoin to the financial landscape and its underlying Blockchain technology, there has been a lot of controversy surrounding the industry. Voices from environmental activists raising their concerns over the effects of the…

    Article 2023年9月24日

  • India spearheads cross-border CBDC payment solutions

    TL;DR Breakdown India is spearheading the adoption of its digital currency, the digital rupee, for cross-border payments. The Reserve Bank of India (RBI) is in discussions with 18 countries to use the digital rupee for foreign trade. This initiative helps conserve India’s US dollar reserves and could aid countries with dollar shortages. Description Embracing the promise of the digital future, India is paving the way for transforming the landscape of cross-border payments. Through the ingenuity of the Reserve Bank of India (RBI), the nation is steadily making strides in implementing its Central Bank Digital Currency (CBDC), known as the “digital rupee“. India’s ambitious endeavors in the field are … Read more Embracing the promise of the digital future, India is paving the way for transforming the landscape of cross-border payments. Through the ingenuity of the Reserve Bank of India (RBI), the nation is steadily making strides in implementing its Central Bank Digital Currency (CBDC), known as the “digital rupee“. India’s ambitious endeavors in the field are not confined to its borders. The country is spearheading a massive effort to realize…

    Article 2023年7月7日

  • Multichain ceases operations after CEO’s sister’s arrest holding $220 million

    TL;DR Breakdown Multichain has ceased its operation due to the lack of alternative information sources and corresponding operational funds With the CEO’s sister now arrested, the status of the assets she maintained is uncertain Description Multichain, a bridging protocol, has confirmed that it has ceased operations as CEO Zhaojun’s sister was arrested recently by the Chinese police while holding $220 million of the protocol’s funds. In a thread on its Twitter page, Multichain explained that it would be ceasing its operation due to the lack of alternative information sources and … Read more Multichain, a bridging protocol, has confirmed that it has ceased operations as CEO Zhaojun’s sister was arrested recently by the Chinese police while holding $220 million of the protocol’s funds. In a thread on its Twitter page, Multichain explained that it would be ceasing its operation due to the lack of alternative information sources and corresponding operational funds.  Multichain CEO’s sister held $220 million Multichain’s problems started in late spring after users took it to their Telegram complaining that the platform had some of their pending transfers….

    Article 2023年7月15日

  • Elon Musk’s X to remove account blocking ability

    TL;DR Breakdown Elon Musk’s X, formerly Twitter, plans to remove the account “blocking” feature. Only direct messages (DMs) will retain the block feature; the mute function remains. Critics raise concerns over increased hate speech and antisemitism since Musk’s takeover. Removing the block feature may conflict with Apple’s App Store and Google Play’s guidelines. Description For anyone tracking the trajectory of social media mogul X, previously dubbed Twitter, it’s evident that under the eccentric billionaire Elon Musk’s helm, the winds are blowing in quite a different direction. With recent announcements of sweeping changes, it’s clear: the landscape of online communication is set for a seismic shift. One of the more … Read more For anyone tracking the trajectory of social media mogul X, previously dubbed Twitter, it’s evident that under the eccentric billionaire Elon Musk’s helm, the winds are blowing in quite a different direction. With recent announcements of sweeping changes, it’s clear: the landscape of online communication is set for a seismic shift. One of the more audacious moves being the removal of the “blocking” feature that so many have…

    Article 2023年8月20日
TOP