The Across Protocol team has been embroiled in controversy following allegations of DAO manipulation resulting in significant fund transfers to a private company. Glue founder and pseudonymous crypto sleuth Ogle reveals details of the supposed wrongdoing.
Allegations of DAO Manipulation
Ogle claims that the Across team used a network of undisclosed wallets to steer DAO votes in their favor, allowing the transfer of nearly $23 million from DAO treasury to their company Risk Labs.
According to him, while the protocol presents an image of decentralized governance, insiders, including project lead Kevin Chan and CEO Hart Lambur, orchestrated grant proposals aimed at benefiting their private company by creating an illusion of broad community support.
Lambur's Response to Allegations
Lambur denied the allegations, calling them 'completely untrue.' He clarified that Risk Labs is a nonprofit Cayman foundation, not a private for-profit entity, and operates under fiduciary responsibilities. He stated that DAO proposals followed transparent processes and received no objections during a seven-day voting period.
He emphasized that team members can purchase ACX tokens with personal funds and vote in DAO proposals without disclosing all wallet addresses.
Ogle's Position and Its Consequences
Ogle stated that he holds a long position in the ACX token and has previously transacted with the team. He pointed out that the alleged misuse of hidden votes could have resulted in significant token transfers to Risk Labs, draining DAO resources and creating future sell pressure for token holders.
The allegations against the Across Protocol team raise questions about the principles of decentralized governance and highlight the need for increased transparency in DAO management. The team's responses reflect a complex situation within the ecosystem and raise important concerns about trust in the crypto space.
