๐๐ฟ๐ฏ๐ถ๐๐ฟ๐๐บ ๐๐ผ๐๐ฒ๐ฟ๐ป๐ฎ๐ป๐ฐ๐ฒ ๐๐ฟ๐ฎ๐บ๐ฎ
In March 2023, Arbitrum launched its massive 1B+ $ARB airdrop, calling it a step toward decentralized governance.
Just six days later, the team pushed AIP-1 - a proposal to hand over 750 million $ARB (around $1 billion at the time) to the Foundation without any community vote.
The community overwhelmingly rejected it with 77% voting NO.
Yet the tokens had already been moved. Before the vote even started, 750M $ARB went to the Foundation wallet, another 40M was loaned out, and 10M was sold for cash. The price crashed 18%.
When caught, the Foundation casually admitted it was never a real proposal - just โratification.โ The vote was theater. After massive backlash they partially walked it back, but by then 50M ARB had already been spent.