Across Protocol Co-founder Responds to Allegations on the Use of $23 Million in Funds
PANews reported on June 27 that Across Protocol co-founder Hart Lambur responded to anonymous user Ogle's accusations against his team and protocol on social media today. He said that Ogle's accusations were completely untrue and pointed out that Ogle had close ties with Across competitors LayerZero and Stargate.
In response to Ogle’s accusation that “$23 million was withdrawn from the DAO for private gain,” Lambur said that Risk Labs is a non-profit organization, the use of funds is subject to strict legal supervision, and the funds have been used for protocol development and team expansion.
In addition, regarding the accusation of "manipulating the governance process through internal voting", Lambur stated that it was legal and transparent for team members to purchase ACX tokens and participate in the voting, and the relevant voting process was open and not subject to negative votes. He also refuted the claim of "violating the commitment to limit token sales", saying that these allegations were unfounded. Lambur emphasized that Risk Labs was selling existing tokens, which had nothing to do with the two-year lock-up period stipulated in the proposal, and all relevant tokens were still stored in the Risk Labs multi-signature address.
Earlier news, Across was accused of its team siphoning $23 million from the DAO treasury for its private company by manipulating votes .
You May Also Like
Adam Wainwright Takes The Mound Again Honor Darryl Kile
Federal Reserve expected to slash rates today, here's how it may impact crypto
Market participants are eagerly anticipating at least a 25 basis point (BPS) interest rate cut from the Federal Reserve on Wednesday. The Federal Reserve, the central bank of the United States, is expected to begin slashing interest rates on Wednesday, with analysts expecting a 25 basis point (BPS) cut and a boost to risk asset prices in the long term.Crypto prices are strongly correlated with liquidity cycles, Coin Bureau founder and market analyst Nic Puckrin said. However, while lower interest rates tend to raise asset prices long-term, Puckrin warned of a short-term price correction. “The main risk is that the move is already priced in, Puckrin said, adding, “hope is high and there’s a big chance of a ‘sell the news’ pullback. When that happens, speculative corners, memecoins in particular, are most vulnerable.”Read more
