Mantle pauses token migration to stop FTX from converting $43M in BIT tokens to MNT

A community member began a conversation amongst participants in the Mantle decentralized self-governing company (DAO), proposing to restrict the collapsed FTX exchange and Alameda Research from converting their BitDAO (BIT) tokens worth $43 million to Mantle (MNT) in the middle of the ongoing token migration process. Community conversation on avoiding FTX from transforming its BIT tokens. Source: MantleOn Nov. 2, 2021, BitDAO switched 100 million BIT with Alameda in exchange for over 3.3 million FTX tokens (FTT). The trade included a public commitment to hold each others tokens for a span of three years, which is up until Nov. 2, 2024. However, in the middle of the FTX fallout in 2022, BitDAO thought Alameda of dumping the tokens and causing BIT to plunge. At the time, previous Alameda CEO Caroline Ellison rejected their involvement in the dump. Related: BitDAOs Mantle Core group proposes $200M for Web3 fundFast forward a couple of 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, neighborhood member Cateatpeanut initiated a governance vote to unify both under the Mantle banner, which would also imply that BIT holders would have their tokens converted into MNT. On May 19, the proposition to combine Mantle and BitDAO passed with frustrating support from its community. On Aug 17, the matter of the BIT tokens held by Alameda ended up being a topic of conversation for Mantle neighborhood members. Cateatpeanut argued that FTX Groups BIT should not be instantly transformed to MNT since of “various disqualifying factors.” According to the neighborhood member, there is no “ensured right of migration” for the tokens, and he then started the proposition. Within the proposal, the neighborhood member asked to carry out a new MNT migration clever contract that has the ability to limit the automatic migration of FTX-owned tokens. The neighborhood member likewise highlighted that the on-chain migration agreement has actually been stopped briefly till the conclusion of the conversation and the vote. Gather this short article as an NFT to maintain this minute in history and reveal your support for independent journalism in the crypto space.Magazine: Should we ban ransomware payments? Its a attractive but harmful concept

Community discussion on avoiding FTX from transforming its BIT tokens. On May 12, community member Cateatpeanut started a governance vote to unify both under the Mantle banner, which would likewise indicate that BIT holders would have their tokens transformed into MNT. On Aug 17, the matter of the BIT tokens held by Alameda ended up being a subject of conversation for Mantle neighborhood members.