AzukiDAO Proposes 20,000 ETH Repossession Over Elementals

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  • AzukiDAO has drafted a proposal seeking to repossess over $38 million the Azuki team pocketed after selling Elementals NFTs last week
  • The proposal stated that the Azuki team is openly “scamming” the community with empty promises
  • The DAO plans to use the funds to reward contributors to the Azuki ecosystem

AzukiDAO has drafted a proposal seeking to repossess 20,000 ETH the Azuki team earned during the heavily criticized Elementals NFT mint. The proposal stated that the Azuki team is openly “scamming” the community with empty promises. The DAO intends to use the funds to reward builders, content creators and other contributors in the Azuki ecosystem.

One Voter Accounts for 50% of the Votes

At the time of writing, 88% of the voters had agreed with the proposal with 11% voting against it. However, almost half of the 88% came from one individual with some of those pushing for the recovery expressing interest in the project a few days ago causing some in the community to doubt the authenticity of the DAO.

Here’s more info on where the original tweet about the AzukiDAO came from. Most Azuki holders have never heard of this group and assume it’s either fake or a group with malicious intent.

The token for voting was minted two days ago sooo there’s that:

— Tytan.ETH (@Tytaninc) July 2, 2023

The autonomous organization disclosed that it is made up of former contributors to the NFT project and individuals with a huge stash of Azuki collectibles.

According to the DAO, the proposal may compel pseudonymous Azuki founder Zagabond to treat the community in a positive way. The DAO however sank deeper into financial trouble after hackers siphoned around $69,000 from its smart contract.

AzukiDao’s governance token contract (bean) @_AzukiDAO has been exploited due to a contract vulnerability. So far, two attackers were able to exploit the vulnerability and made a profit of 35 ETH.
Thanks to a community member for providing a source of information

— MetaSleuth (@MetaSleuth) July 3, 2023

The attack didn’t sway the autonomous organization and has since fixed the vulnerability and announced a collaboration with another DAO, LegalDAO, to strengthen its legal action against the Azuki team.

We Don’t Want Zagabond in Court

Some Azuki holders have however disagreed with the move noting that the larger Azuki community isn’t interested in a lawsuit against Zabond and his team at Chiru Labs.

Anyone who isn’t brain dead knows that the actual Azuki community doesn’t want to sue the team 💀

Been a holder since mint day and heard about “Azuki DAO” for the first time today 🤡

— JPB (@JPBweb3) July 3, 2023

The proposal comes shortly after the Azuki team admitted that they “missed the mark” with Elementals after collectors accused the team of “stealing their own NFTs.”

Although it’s unclear where the DAO’s mission will be successful, it may push Chiru Labs to think of a way to compensate Azuki collectors.

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