Across Protocol Accused of Misappropriating $23 Million in DAO Vote Manipulation

Glue founder Ogle has publicly accused the Across Protocol team of manipulating a DAO vote and misappropriating approximately $23 million from the protocol treasury. The allegations, posted on social media, detail a series of votes initiated by the Across team in 2023 and 2024. These votes proposed transferring a total of 150 million ACX to Risk Labs, a for-profit company established by the Across team, under the guise of "strategic investment" and "retroactive funding."

Ogle claims that the Across team manipulated the voting process through other addresses with traceable links to approve the proposal. This manipulation allegedly allowed the team to control the outcome of the votes and transfer the funds to Risk Labs. Ogle stated that he had given the Across team and Risk Labs sufficient time to correct any inaccurate information or to publicly disclose the matter themselves, but they chose to remain silent, prompting him to make the accusations public.

The incident has raised significant concerns about the security and governance of DAOs. The allegations suggest that the Across team exploited vulnerabilities in the voting process to gain control and siphon funds. This highlights the potential risks associated with decentralized decision-making processes and the need for stronger safeguards and transparency in DAO operations. The community is now calling for a thorough investigation into the matter and the implementation of measures to prevent similar incidents in the future.

The accusations have sparked a debate within the crypto community about the integrity of DAOs and the challenges they face in maintaining transparency and preventing fraudulent activities. The incident serves as a reminder of the complexities involved in decentralized governance and the importance of robust mechanisms to ensure the integrity of decision-making processes within DAOs. The community is now focused on finding solutions to enhance the security and transparency of DAO operations, ensuring that such incidents do not occur in the future.