MonkeDAO, a decentralized community for holders of Solana’s Monkey Business Gen2 NFTs, has recently launched an internal investigation after allegations were raised about a mismatch in funds in its vault, the DAO’s general counsel Ariel Gibner wrote in a post Tuesday.
“MonkeDAO has become aware of recent allegations regarding a discrepancy between MonkeDAO validator revenues and funds allocated to the treasury.” Givner said.
The core issue lies in the discrepancy between the income generated by MonkeDAO validators and the amount of funds allocated to the DAO treasury. Revealed by User X Hanko (@hankobaggins) is identified as a Solana validator for BanditoDAO.
User X claimed that roughly half of the DAO validator profits from December last year — 586 SOL ($89,200) at current exchange rates — went to the operator rather than the DAO’s treasury. Hanko identified the operator as X user Crypt0xG.
Hangodo Attached A list of transactions allegedly made between MonkeDAO validators and Crypt0xG. The Block has reached out to Crypt0xG for comment on these claims but has not yet heard back.
“Our primary goal is to ensure transparency and accountability within our operations,” MonkeDAO attorney Givner wrote in a post to X. “We are committed to providing a detailed explanation and addressing any issues that may have arisen.”
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.
© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
About the Author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He was previously a reporter at Forkast.News, where he actively covered the downfalls of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong, and China. He holds a Bachelor of Arts in Journalism and Business Marketing from the University of Hong Kong.