AzukiDAO Members Start a Proposal to Get 20.000 ETH Back from Azuki Founder Zagabond

The Snapshot page states that AzukiDAO has proposed hiring a lawyer to assist the community in recovering the 20.000 ETH from Zagabond.

AzukiDAO Members Start a Proposal to Get 20.000 ETH Back from Azuki Founder Zagabond

The request, which was made on July 2, suggests hiring a lawyer to file a lawsuit against Zagabond, real name Alex Xu, for allegedly “rugging” several projects. The clawback includes $39 million in ETH that was made from the sale of Azuki‘s contentious Elementals NFT series. It suggests giving the DAO a portion of any assets recovered in order to foster the expansion of the entire Azuki community.

When will the Proposal End?

At the time this article was published, 88.35% of AzukiDAO (BEAN) tokens had been used to support the action, while 11.65% had been used to oppose it. On July 3, at 6:38 UTC, the proposal is set to expire.

About AzukiDAO

Despite the fact that AzukiDAO describes itself as consisting of “OG Azuki holders,” some have questioned the DAO’s history and its connection to the Azuki project’s participants. Most Azuki holders have never heard of the AzukiDAO, according to anonymous Twitter commentator Tytan.ETH, who told his 19,000 followers that they believed it was “either fake or a group with malicious intent.”

According to data from Etherscan, the BEAN token contract that would be used to vote on the proposal was just formed two days ago, while the related Twitter handle was only established in June 2023, and its Discord channel has only 116 members.

Reaction to Team Azuki Grows

Since the contentious debut of the Azuki Elementals series on June 27, the Azuki team has been harshly criticized by Azuki NFT owners and commentators from the wider NFT community. A 20-minute pre-sale is available to current owners of Azuki NFTs and owners of another derivative project, BEANZ, on the launch.

The entire collection was purchased in less than 15 minutes in private sales, hence the sale was never made public. The Azuki crew received $38 million overall from the launch. Widespread complaints followed, including ones about the new NFTs’ unoriginal artwork, the short presale window, mint failures caused by a busy website, and more.