One of the largest cryptocurrency projects, which is developing tools to support decentralized governance, is trying to get out of its own governance impasse. There are claims that the Aragon Association is considering selling itself. The talks came after months of pressure from activist investors who coveted Aragon’s $180 million treasury.
Leaked images show Aragon selling its cryptocurrency project
A screenshot of a conversation between an employee of the Investment firm Arca and other activists has been leaked. Accordingly, Switzerland-based Aragon investigated in June to “sell the cryptocurrency project” to an undisclosed bidder for an unknown price. The search comes after months of pressure from activist investors. The screenshot is part of a 24-page investigative report written by crypto Trading firm Patagon Management LLC on the Aragon Association. On Wednesday, a message linking to the report was sent by an anonymous Ethereum address to Ivan Fartunov, the head of partnerships in Aragon, through a public Ethereum transaction.
The undated report accuses the Aragonese Society of taking missteps for years. These charges include squandering his massive $180 million treasury. The report also questions the organization’s compliance with Swiss non-profit organizations law. A spokesman for Aragon has neither confirmed nor denied the sale talks. However, he denied the report’s “unfounded allegations”. He also said Aragon would release a more detailed transparency report this month.
Activist investors targeted the crypto money project!
Activist investors, who have been engaged in crypto’s “risk-free value,” or RFV-trading subculture, for months, have hoarded ANT governance Tokens to pull the arms of the Aragon DAO. A token gives its holders the right to vote on governance issues of your project. Unlike most crypto traders who speculate on price movements, RFV traders try to collect paydays from crypto projects whose native tokens fall below the “book value” or treasury, as in Aragon’s ANT. A common tactic is to lobby for token buybacks and, in some cases, liquidations.
In May, Aragon canceled plans to give token holders control over its treasury. Because he feared the growing influence of activists. This emergency action ended a week of rising tensions. Within that week, Aragon purged public documents and banned many suspected activist investors from Discord. Patagon CEO Diogenes Caseres said his firm compiled the report after Aragon fired activist investors from the Discord server. Patagon shared this report on a community-run server where banned investors gather.
What was the purpose of the sale?
Aragon’s proposed acquisition was expected to take “several weeks,” according to a June 12 screenshot. The cryptocurrency project was planning to “re-evaluate” the activists’ proposals if the deal did not materialize.
The Arca employee told other activists that it was unclear exactly what it would mean to sell a nominally decentralized project. However, he noted that the proposed transaction would be valued at a higher premium than its book value. The report does not provide details on the status of any sales negotiations. But it shows that activists are investigating a range of mechanisms to process ANT’s redemptions.
Allegations against the Aragon Association
According to the report, Aragon’s leader, Joan Arus, put forward the media blackout as a precondition for negotiations. “The Aragon team went so far as to imply in private conversations that they believed they were being paid to write articles that were not ‘fair’ to the CoinDesk reporter in Aragon’s eyes,” the report said.
The report also noted that Aragon liquidated its own public forums during the activist fight in May. It is estimated that 27% of the shares remain. In addition, the long discussions about Aragon’s acquisition of other cryptocurrency projects were erased. The report, which was delivered to Fartanov on Wednesday, came from a newly created crypto wallet. Fartanov responded with his own transactional embedded message, in which he dismissed some of the report’s conclusions as a “joke.” Along these lines, Fartanov said, “Beautiful story, brother. I respect the trouble of sending on-chain messages. That’s why I’m responding,” he wrote.
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Leaked images show Aragon selling its cryptocurrency project
A screenshot of a conversation between an employee of the Investment firm Arca and other activists has been leaked. Accordingly, Switzerland-based Aragon investigated in June to “sell the cryptocurrency project” to an undisclosed bidder for an unknown price. The search comes after months of pressure from activist investors. The screenshot is part of a 24-page investigative report written by crypto Trading firm Patagon Management LLC on the Aragon Association. On Wednesday, a message linking to the report was sent by an anonymous Ethereum address to Ivan Fartunov, the head of partnerships in Aragon, through a public Ethereum transaction.
The undated report accuses the Aragonese Society of taking missteps for years. These charges include squandering his massive $180 million treasury. The report also questions the organization’s compliance with Swiss non-profit organizations law. A spokesman for Aragon has neither confirmed nor denied the sale talks. However, he denied the report’s “unfounded allegations”. He also said Aragon would release a more detailed transparency report this month.
Activist investors targeted the crypto money project!
Activist investors, who have been engaged in crypto’s “risk-free value,” or RFV-trading subculture, for months, have hoarded ANT governance Tokens to pull the arms of the Aragon DAO. A token gives its holders the right to vote on governance issues of your project. Unlike most crypto traders who speculate on price movements, RFV traders try to collect paydays from crypto projects whose native tokens fall below the “book value” or treasury, as in Aragon’s ANT. A common tactic is to lobby for token buybacks and, in some cases, liquidations.
In May, Aragon canceled plans to give token holders control over its treasury. Because he feared the growing influence of activists. This emergency action ended a week of rising tensions. Within that week, Aragon purged public documents and banned many suspected activist investors from Discord. Patagon CEO Diogenes Caseres said his firm compiled the report after Aragon fired activist investors from the Discord server. Patagon shared this report on a community-run server where banned investors gather.
What was the purpose of the sale?
Aragon’s proposed acquisition was expected to take “several weeks,” according to a June 12 screenshot. The cryptocurrency project was planning to “re-evaluate” the activists’ proposals if the deal did not materialize.
The Arca employee told other activists that it was unclear exactly what it would mean to sell a nominally decentralized project. However, he noted that the proposed transaction would be valued at a higher premium than its book value. The report does not provide details on the status of any sales negotiations. But it shows that activists are investigating a range of mechanisms to process ANT’s redemptions.
Allegations against the Aragon Association
According to the report, Aragon’s leader, Joan Arus, put forward the media blackout as a precondition for negotiations. “The Aragon team went so far as to imply in private conversations that they believed they were being paid to write articles that were not ‘fair’ to the CoinDesk reporter in Aragon’s eyes,” the report said.
The report also noted that Aragon liquidated its own public forums during the activist fight in May. It is estimated that 27% of the shares remain. In addition, the long discussions about Aragon’s acquisition of other cryptocurrency projects were erased. The report, which was delivered to Fartanov on Wednesday, came from a newly created crypto wallet. Fartanov responded with his own transactional embedded message, in which he dismissed some of the report’s conclusions as a “joke.” Along these lines, Fartanov said, “Beautiful story, brother. I respect the trouble of sending on-chain messages. That’s why I’m responding,” he wrote.
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