Arbitrum proposal to return 700M ARB fails, whale calls it a "power play"
The AIP-1.05 was defeated by 118 million votes. The proposal was introduced after the Arbitrum Foundation transferred funds without community approval. A controversial proposal seeking the return of 700 million ARB governance tokens to Arbitrum's DAO Treasury was rejected by a massive number of votes on April 15. The Improvement Proposal AIP-1.05 was introduced after the Arbitrum Foundation transferred funds without community approval in March. The AIP-1.05 was defeated by 118 million votes, representing 84% of the total votes received, while 21 million ARB tokens voted for the proposal , nearly 14.5% of the total. Around 2 million ARB tokens abstained. The proposal asked the Foundation to return the tokens as a “symbolic gesture to demonstrate that the governance holders ultimately control the DAO, not the Arbitrum service provider nor the Foundation.” Screenshot - AIP-1.05: Arbitrum Improvement Proposal Framework. Source: Arbitrum DAO. On the governance forum, a whale with ...