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AzukiDAO Proposes Legal Action to Recover 20,000 ETH from Azuki Founder

A new DAO aims to reclaim $39 million from Azuki's founder, Alex Xu, to support community growth.
Published on 2023-07-03

AzukiDAO's Proposal for Ethereum Recovery

A newly formed decentralized autonomous organization (DAO), known as AzukiDAO, has initiated a bold proposal to reclaim 20,000 Ether (ETH) from Alex Xu, the founder of the Azuki NFT brand. This initiative stems from allegations against Xu, accusing him of unethical practices involving multiple projects.

Legal Action Against Azuki Founder

The proposal, brought forth on July 2, outlines plans to hire legal representation to pursue action against Xu. The goal is to recover approximately $39 million worth of ETH, which was allegedly generated from the launch of the Azuki "Elementals" NFT collection. This move underscores the DAO's commitment to maintaining transparency and accountability within the NFT community.

Purpose of Reclaimed Funds

AzukiDAO aims to allocate any successfully reclaimed funds to further the development and growth of the Azuki community. This initiative highlights the DAO's dedication to fostering a robust and sustainable ecosystem for its members.

Importance of Community Trust

The proposal reflects ongoing concerns within the NFT space regarding founder accountability and project integrity. By seeking restitution, AzukiDAO endeavors to restore trust and safeguard the interests of its community members. This case exemplifies the growing trend of DAOs taking proactive steps to protect their communities and ensure fair practices in the rapidly evolving NFT market.

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