A community member started a discussion among participants in the Mantle decentralized autonomous organization (DAO), proposing to restrict the collapsed FTX exchange and Alameda Research from converting their BitDAO (BIT) tokens worth $43 million to Mantle (MNT) amid the ongoing token migration process.
On Nov. 2, 2021, BitDAO swapped 100 million BIT with Alameda in exchange for over 3.3 million FTX tokens (FTT). The trade came with a public commitment to hold each other’s tokens for a span of three years, which is until Nov. 2, 2024. However, amid the FTX fallout in 2022, BitDAO suspected Alameda of dumping the tokens and causing BIT to plummet. At the time, former Alameda CEO Caroline Ellison denied their involvement in the dump.
Related: BitDAO’s Mantle Core team proposes $200M for Web3 fund
Fast forward a few months and the BitDAO community proposed the unification of the BitDAO ecosystem, which had BitDAO as its governance arm and Mantle as its product. On May 12, community member “Cateatpeanut” initiated a governance vote to unify both under the Mantle banner, which would also mean that BIT holders would have their tokens converted into MNT. On May…
