The founder of Cross-Protocol Cross-Chapter Bridge has been accused of spending $23 million in funding to his own for-profit company.
On Friday x WireOgle (Ogle) is the pseudonymous founder of Layer 1 Project Glue and OnChain Sleuth – accusing the founder of secretly manipulating decentralized autonomous organizations (DAOs) votes across protocols to fund its for-profit corporate risk lab. Ogle accused the project of being one of the “Daos with only names.”
Hart Lambur postal. He said Risk Lab is a Cayman-based nonprofit that has no shareholders. He shared a company certificate and claimed that the company operates under a trust obligation.
“If funds are abused, you can sue the director (me!),” he said.
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Non-profit status is questioned
Lambert talked to Cointelegraph and shared the company’s company certificate. The document describes the company as a “foundation company.” Cointelegraph is able to independently verify company registrations on Cayman Island’s online general Registration form.
Nevertheless, Hani Law Firm explained at its Cayman Islands Foundation guide Such a company can have any purpose “whether commercial, charitable/charitable or private.”
CoIntelegraph cannot verify the nonprofit status claimed by the Risk Lab, whose name is not included in Registered Nonprofit organization.
Foundations based on Cayman Islands are not allowed and are often considered “unemployed” entities. Having said that, legal company Ogier Explained The for-profit Cayman Islands Foundation company allows for “distribution to beneficiaries, not to shareholders.”
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DAO voting manipulation claims to appear
“It seems that the co-founders and insiders of the cross/risk are carefully orchestrating governance proposals that have made them secretly subvert the DAO’s ‘democratic’ process and extracted about $23 million (value today) from the Treasury Department that was supposed to be protected,” Ogle said.
The first path proposal Approved two years ago and saw a vote of 13.1 million tokens worth, and approved the proposal with more than 97% of the votes. A year later, the second DAO proposal saw the Risk Labs ask DAO to provide 50 million ACX tokens to “trace back funds.”
“If the team didn’t vote on the proposal, it wouldn’t have reached a quorum – meaning it simply didn’t have enough votes to pass,” Ogel said. “After ACX lost 9.3% of its value in the past 24 hours, the 150 million tokens involved would be worth more than $22 million at the time of writing.
Nevertheless, Ogle claimed that “the proposal does not guarantee that the money will be used to span, and there is no formal agreement between the two companies.” He also said that OnChain analysis showed that many members of the Risk Lab team secretly approved the proposal.
“The second largest voting wallet in the entire proposal, which accounts for nearly 14% of the total vote, was originally funded by Hart Lambur,” Ogle said.
Risk Lab denies abuse allegations
Lambur denied the allegations, saying the token has been ongoing for nearly three years and that team members have obtained the allegations with their own funds. “My team is free to buy tokens and vote privately, just like every other thing,” he said.
Lambor further confirmed that Chen voted in favor of the proposal. Nevertheless, he denied the secret nature of the address used and noted that they were “publicly disclosed and contacted publicly.”
Slow answer All the allegations in his topic describe it as “absolutely incorrect.”
In another postalAfter criticizing Ogle’s anonymity and raising questions on its credibility, Lambur highlighted that Ogle’s connection with competing projects such as LoyeZero and Stargate is a potential conflict of interest.
“It’s interesting, Bryan Pellegrino, founder of Stargate and LoyeZero, retweeted Ogle’s post immediately after the release,” Lambur said.
Cointelegraph reached out for further comments, but received no response through the publication.
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