Editor's Note: This article comes fromHoneycomb Finance News (ID: fengchao-caijing), Author: Kyle, reproduced by Odaily with authorization.
Editor's Note: This article comes from
Honeycomb Finance News (ID: fengchao-caijing)
Honeycomb Finance News (ID: fengchao-caijing)
, Author: Kyle, reproduced by Odaily with authorization.
On January 12, Aragon One CEO Jorge Izquierdo announced his resignation.
The company is the parent company of the blockchain project Aragon, and its introduction information shows that it is a "blockchain enterprise that provides autonomous (DAO) solutions for online enterprises and decentralized organizations."
As early as January 7, 12 members of the Aragon team announced their departure from the team, including John Light, who was responsible for the autonomous business of the project. He posted an open letter on Githup, asking the Aragon Association to release financial and meeting records for outside scrutiny. In addition, he also called for ANT (Aragon Network Token) holders to participate in community governance.
According to overseas media reports, on December 15 and 22 last year, the Aragon Association sold 52,000 ETH, part of which was converted into USDT. These funds were raised from the ICO of the project in 2017. The official explanation is that selling ETH assets is to achieve a better investment portfolio.
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More than 10 people including the CEO were dissatisfied with the financial opacity and left the team
"I resigned as CEO of Aragon One. I am saddened by the problems with the team. Considering that our proposal will not be implemented, I don't think I can continue to do better." On January 12, Jorge Izquierdo issued a resignation statement on Twitter.
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Jorge Izquierdo releases resignation statement
According to public information, Aragon is a project launched in 2016 to create a blockchain-based digital jurisdiction for online businesses, especially decentralized autonomous organizations (DAOs). Aragon One is the operating body behind the Aragon Network (ANT) and the recipient of grants from Aragon's DAO Association (AA).
Jorge Izquierdo explained that after several months of busy work, he took a two-week break on the advice of his doctor. During the absence, the Aragon Association made a series of decisions (mainly related to management), "I don't know how these decisions will be implemented and do not agree with them".
Following the CEO's resignation, Aragon One's executive director joined the board along with two chief legal officers and co-founders.
According to its co-founder, Luis Cuende, the biggest difference in the departure of the CEO was the governance of the association, especially the board of directors.
The disagreement didn't just happen in the last two days. As early as a week ago, on January 7, 12 team members announced their resignation due to opaque financial management. Among them, John Light, who is mainly responsible for Aragon community governance, published an open letter on Githup before leaving, saying, "I no longer understand the place where I used to work, and I believe it no longer reflects my values."
John Light stated in the open letter that the Aragon Association used to have a reputation for transparency, but has recently begun to lack publicity. He asked the Aragon Association to make all meeting minutes and financial reports available for public scrutiny. In addition, he proposed to allow ANT holders and contributors to participate more in the governance of the association.
According to foreign media reports, on December 15 and December 22 last year, about 52,000 of the ETH obtained by the Aragon Association through ICO fundraising in 2017 flowed into the exchange, and part of it was converted into USDT.
Regarding the whereabouts of this fundraising, Izquierdo confirmed that these accounts are controlled by a multi-signature wallet jointly held by him and co-founder Cuende, but the association recently converted about 52000 ETH into stable assets (mainly USDT) in order to make the project more stable. portfolio diversification.
According to Feixiaohao, as of 3:00 p.m. on January 13, ANT was temporarily reported at $3.1, a 24-hour drop of 6%, and a drop of 11% in the past 7 days. Judging from the currency price trend, ANT basically maintains linkage with mainstream currencies such as BTC, and has not dropped sharply due to the team's resignation problem.
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Aragon Association sells ETH and earns $30 million less
In December last year, the price of bitcoin hit record highs one after another. OKEx quotes show that on December 31, Bitcoin rose to as high as $29,300. Driven by Bitcoin, mainstream currencies such as ETH and LTC also started to rise. On December 31, ETH rose to a maximum of $758.
On the two days of December 15th and 22nd when the Aragon Association sold ETH, the highest quotations of ETH on that day were $597 and $634 respectively. If calculated at a price of US$634, 52,000 ETH can be exchanged for approximately US$32.96 million.
On January 10 this year, ETH rose to a maximum of $1,349. Based on this price, the value of ETH sold by the Aragon Association was about $70.14 million.
Some people in the industry ridiculed that more than 10 members of the team resigned, probably because they were dissatisfied with the association's early sale of coins. On January 7th, the day when 12 people including John Light left their jobs, the highest price of ETH was $1,250. Looking at it this way, the Aragon Association sold the foundation ETH at a loss, at least 30 million US dollars less.
In foreign media reports, Jorge Izquierdo also said in another statement, "Now I just want to say that I express my deepest respect to all the Aragon One team members who decided to stay. You are Argonians, but your loss There is no substitute."
According to public information, in May 2017, Aragon raised ETH worth about 25 million US dollars in the ICO at that time. At that time, the price of ETH was about 150 US dollars. Based on this price, Aragon raised about 166,000 ETH. In addition, the Aragon team has raised about $850,000 in two private rounds with venture firms Draper Associates and Placeholder Ventures.
In addition to selling the Association ETH, Aragon's recent major changes are mainly the acquisition of Dvote Labs OU, the parent company of the blockchain voting application Vocdoni, in December last year.
Unlike Yearn.Finance’s aggregation of SuShi and other agreements, Aragon’s acquisition of Dvote Labs OU is an equity acquisition. However, Joan Arús, the chief financial officer of the acquired application, revealed in an interview that members of the Vodcdi team received ANT from Aragon, although the specific amount was not disclosed.
There are also rumors that the resignation of the core team members may be related to the differences in the acquisition led by the association.
