DAO Mantle Suspends BitDAO Token Migration for FTX
Date: 2023-08-20 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
DAO Mantle members have proposed to suspend the migration of BitDAO tokens. This was posted on the Mantle forum.
One of the members of the Cateatpeanut community came up with a proposal to block the bankrupt crypto exchange FTX and Alameda Research from accessing asset conversions. He cited "various disqualifying factors" as the reason for the ban.
As part of the proposal, a community member requested the implementation of a new smart contract that limits the automatic migration of FTX-owned tokens. The user later added that the migration contract is temporarily suspended pending discussion and voting.
On November 2, 2021, BitDAO exchanged 100 million BIT with Alameda for more than 3.3 million FTX tokens, Cointelegraph reported. The deal was accompanied by a public commitment to hold each other's tokens for three years, that is, until November 2, 2024.
On May 19, 2023, Mantle and BitDAO merged into one ecosystem. The parties agreed that over time, BIT tokens will be converted into Mantle.
Amid the bankruptcy of FTX in 2022, Alameda Research was suspected of selling assets, which led to a sharp drop in the value of BIT. Former Alameda CEO Caroline Ellison denied any involvement in the case.
BitDAO discussed the idea of buying back $100 million of BIT tokens. In July 2023, the Mantle Network project proposed the creation of a $200 million ecosystem fund.
