[1]https://cryptocurrency.com.tr/democratic-dao-suffers-coup-new-leader-steals-e
verything-50608

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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.
   EO
   By [3]Edward Ongweso Jr
   February 15, 2022, 9:43am
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   Democratic DAO Suffers Coup, New Leader Steals Everything

   "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.

References

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   1. https://cryptocurrency.com.tr/democratic-dao-suffers-coup-new-leader-steals-everything-50608
   2. https://www.vice.com/en/section/tech
   3. https://www.vice.com/en/contributor/edward-ongweso-jr

   Hidden links:
   5. https://www.vice.com/en/contributor/edward-ongweso-jr