AzukiDAO, the decentralized autonomous organization (DAO) behind the Azuki non-fungible token (NFT) project, is vote to recover 20,000 ETH from the team and would like to hire a lawyer to file a lawsuit against the group’s anonymous founder, Zagabond, for allegedly undertaking multiple crypto projects.
Zagabond is the founder of Chiru Labs, Azuki’s parent company. In a proposal on July 2, AzukiDAO wants to take control of the 20,000 ETH currently under the control of the founding team so they can direct it towards growing the Azuki ecosystem and rewarding the community.
AzukiDAO sounds
As of writing on July 2, a vote is in progress, and most members support the motion. AzukiDAO claims that the founding team did nothing more than issue members of the organization “a profile picture identical to that of the original Azuki bearers, and nothing more.” Because of this, they are convinced that the founding team “blatantly deceives them with sympathy checks and promises.”
Text extract from the proposal:
We’ve made max bean 2e and are anticipating a new product launch, as suggested by the Asian ambassador. Despite our efforts, we only got a profile picture identical to that of the original azuki holders and nothing more. The team blatantly deceives us with sympathy checks and promises.
Sgabond is accused of pulling the rug out of 3 unexpected projects
DAO, launched in June 2023, is governed by BEAN codes, and is airdropped onto Azuki bearers. Currently, token holders can vote on proposals that affect the project. These proposals can include appropriations of funds, setting direction for development, and even hiring team members. To ensure the sustainability of the project, the treasury is funded by donations of ETH from Team Azuki and Azuki NFT holders.
With AzukiDAO members overwhelmingly voting to take charge of 20,000 ETH, this indicates that the community is demanding more from the founding team. Through the prevailing sentiments, this development must be met. Voting stats show that more than 60% voted in favor of the proposal, a move that would see AzukiDAO’s founder, Azuki NFT Group, sued. Only 30% of BEAN token holders oppose the idea.
The anonymous founder, Zagabond, admitted in May 2022 to abandoning three NFT projects, CryptoPhunks, Tendies, and CryptoZunks, claiming that he was not, at the time, happy with how they were developing. His admission, given his standing in the NFT community, has sparked controversy.
Voting ends July 3, and if the proposal is approved, Zagabond will be sued, and the team will direct 20,000 ETH to the DAO.
Featured image from Canva, chart from TradingView