The founders of the crosschain bridge through the protocol were accused of siphoning $ 23 million in their own for -profit business.
In a thread X Friday, Ogle – the founding pseudonym of the layer 1 Project Glue and Onchain Sleuth – accused the founders of all the protocols of secret handling of the Decentralized Autonomous Organization (DAO) votes to finance their for -profit business, Risk Labs. Ogle accused the project of being among the “Daos who are only in name”.
Hart Lambur, who founded the two laboratories at risk and across, denied complaints in a separate position. He said Risk Labs is a non -profit organization based in Caïmans without shareholders. He shared a certificate of incorporation and affirmed that the company operated under fiduciary obligations.
“If the funds are poorly used, you can continue the directors (me!),” He said.
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Non -profit status called into question
Speaking at Cointelegraph, Lambert also shared the company’s incorporation certificate. The document describes the company as a “foundation company”. Cointtelegraph was able to verify independently of the company’s recording with the Cayman Island general register.
However, law firm Harneys explained in its Cayman Islands Foundation Company guide that these companies can have a goal “whether they are commercial, caritative / philanthropic or private”.
Cointtelegraph was unable to check the status of a non -profit organization claimed by Risk Labs, with its name not included in the list of recorded non -profit organizations.
Foundations based on the Cayman Islands are not allowed to pay dividends and are generally considered as “owner” entities. That said, the legal firm Ogier explained that foundation companies based on for -profit Caimans are allowing “distributions to beneficiaries rather than shareholders”.
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Complaints of DAO voting manipulation emerge
“It seems that the co-founders and the initiates through orchestrated risks orchestrated governance proposals which secretly allow them the process ” Democrat ” of the DAO, and extract ~ 23 million dollars (to the value of today) of the treasury that they were supposed to protect,” said Ogle.
The first DAO proposal was approved two years ago and saw 13.1 million holders of tokens vote in favor, approving the proposal with more than 97% of the vote. The second DAO proposal saw laboratories at risk asking DAO 50 million ACX tokens for “retroactive funding” a year later.
“If the team had not voted on this proposal, it would not have reached the quorum – which means that it would not have had enough votes to pass at all,” said Ogle. The 150 million tokens involved earned more than $ 22 million after ACX lost approximately 9.3% of its value in the last 24 hours to be discussed at around $ 0.1362 at the time of writing this report.
However, Ogle says that “the proposal did not guarantee that money would be used, there was no formal agreement between the two companies”. He also said that ONCHAIN’s analysis reveals that many members of the risk laboratory team secretly approved the proposal.
“The second voting portfolio throughout the proposal, representing almost 14% of the total vote, was initially funded by Hart Lambur,” said Ogle.
NIE risk laboratories
Lambur has denied the accusations, saying that the token has been alive for almost three years and that team members have acquired it with their own funds. “My team is free to buy tokens and vote in private in proposals, like all the other DAO,” he said.
Lambur also confirmed that Chan had voted for the proposal. However, he denied the secret nature of the addresses used, noting that they “are publicly disclosed and publicly linked”.
Lambur responded to all the allegations of his thread, describing them as “categorically false”.
In a separate article, after having criticized Ogle for anonymity and raised problems with its credibility, Lambur highlighted Ogle links with competing projects like Layerzero and Stargate as potential conflicts of interest.
“Quite funny, Bryan Pellegrino, the founder of Stargate and Layerzero, retweeted the Ogle post almost immediately after having published it,” said Lambur.
Cointelegraph stretched Ogle for additional comments but did not receive an answer by publication.
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