Democratic DAO Suffers Coup, New Leader Steals Everything

[jim bell]

https://cryptocurrency.com.tr/democratic-dao-suffers-coup-new-leader-steals-everything-50608

Democratic DAO Suffers Coup, New Leader Steals Everything
After seizing control, the new leader drained the DAO's treasury, liquidity pools, and minted over 1 billion tokens for themselves.EOBy Edward Ongweso JrFebruary 15, 2022, 9:43am   
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"Decentralized Autonomous Organizations, or DAOs, are blockchain groups that are supposed to be democratic. They are the part of web3 that gets people very excited: They can, boosters say, replace corporate structures and create a system where people have votes according to how much work they put into the DAO.

"This sounds OK in theory, but a group called Build Finance DAO just suffered a coup in which one person amassed enough tokens to get a vote passed, then voted to give themselves full control of the DAO, then, using this power, took all of the money. In a sense, the DAO did replace a corporate activity with its own version: the hostile takeover. 

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