A scandal has erupted in the cryptocurrency community surrounding the DAO Across Protocol, accused of manipulating the voting process, resulting in $23 million worth of tokens being sent to Risk Labs. The pseudonymous founder of Layer-1 project Glue, Ogle, raised concerns regarding the transparency of DAO management.
Allegations of Voting Manipulation
The main conflict arises from claims that the decentralized governance process was undermined. Ogle stated that the governance proposals were orchestrated to benefit insiders. According to him, 'Across Protocol – although a relatively well-respected entity in the crypto space, backed by true chads and OGs – appears to be one such faux DAO.' The first proposal received significant support, with 13.1 million token holders voting in favor, approving it with over 97% of the vote. However, the second proposal concerning 50 million ACX tokens was only passed due to votes from insiders.
Responses from Across Protocol Founders
Hart Lambur, founder of Across Protocol and Risk Labs, firmly denied these claims, asserting that Risk Labs is a Cayman Islands-based nonprofit with no shareholders. He stated, 'We had no heads up about the ACX listing. We found out like everyone else on Twitter.' Lambur pointed out that team members purchased tokens on their own and voted publicly. In response to accusations of wrongdoing, he highlighted possible conflicts of interest regarding Ogle's ties to competing projects.
Insider Trading Scandal Before ACX Binance Listing
Following these events, a new scandal emerged regarding potential insider trading. LayerZero's founder, Bryan Pellegrino, claimed that Lambur may have been dealing with inside information by purchasing ACX tokens shortly before a surprise listing on Binance in December 2024. Lambur responded that they had no idea Binance would list ACX and learned about it at 2 a.m. when Binance tweeted.
The scandal surrounding DAO Across Protocol has raised important questions about the transparency and integrity of management in decentralized autonomous organizations within the crypto space. Allegations of voting manipulation and possible insider trading continue to spark debate within the community.
