Illuvium DAO blocks Suzhu NFT unpacking event (3AC)

Illuvium is an interoperable blockchain game, and the community supporting Illuvium is blocking an NFT unwrapping event scheduled by Illuvium CEO Kieran Warwick and developer 3Arrows Capital (3AC) Zhu Zhu Finally, the power of decentralized autonomous organizations (DAOs) was demonstrated.

Su Zhu

Su Zhu – Founder of Three Arrows Capital

according to tweet Officially, Warwick is set to fight Zhu in the “Influencer Illuvitars D1sk Battle”. Here, famous crypto personalities compete against each other to open NFT packages. However, due to the controversy surrounding Zhu and 3AC, the Illuvium community has raised concerns about the potential risks to those currently facing numerous allegations of wrongdoing.

The Illuvium CEO then suggested that the issue be voted on by their decentralized board of directors. As a result, the council voted unanimously to cancel the event to avoid any association with Zhu.

According to Illuvium board member Deraji, the project is aiming to be at the forefront of decentralized governance and Web3 gaming. To do so, the project must “avoid getting involved with unethical individuals and events that could hinder mainstream adoption.” Draghi further explained:

“In this case, the community said the incident jeopardized the reputation the DAO had worked so hard to build. We used our governance model to avoid putting our most famous people on the fence.”

After listening to the voice of the community, CEO Illuvium accepted the result and expressed confidence and belief in the community’s decision.

“While I have weighed the pros and cons, I will always respect the panel’s decision.”

Commenting further on the topic, Warwick stated that the DAO can veto any decisions made by the project.

“We try to avoid that by discussing things first, but some things are very time-sensitive, so it’s a weird thing to do.”

The DAO’s decision not to risk involvement with the 3AC would have shielded them from potential fallout. On Feb. 10, an exchange project affiliated with 3AC drew a backlash from members of the crypto community. Many were outraged by the launch, with some vowing never to use the exchange.

Meanwhile, community members have repeatedly protested Zhu’s role in 3AC’s bankruptcy. On Jan. 3, the founders of 3AC began filing charges against Digital Currency Group, saying they conspired with FTX to target Terra. However, community members approached Mr. Zhu, asking him to focus on his wrongdoing.

  • 5 Analysts Correctly Predicted the Cryptocurrency Market in February
  • Illuvium discovered a security flaw in its staking contract
  • Illuvium (ILV) Hits New Highs as Interest in GameFi Soars

front page

As reported by Cointelegraph

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img