Arbitrum Foundation submits controversial ARB token sale to revote after community pressure

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Arbitrum Foundation submits controversial ARB token sale to revote after community pressure; Bittrex announces it will cease operations in the US; US Government Sold 9,800 BTC on March 14.

Recent statements show that the Arbitrum Foundation has sold 750 million ARB tokens before approval. The foundation stated that it used some of these funds to benefit ArbitrumDAO, but the community criticized the move.

After the backlash from ARB token holders, the Arbitrum Foundation announced that they will present the controversial governance package by splitting it into separate votes. Eli_Defi, Arbitrum’s Discord community leader, said, “AIP-1 is huge and covers so many topics. We will follow the advice of the DAO and dismantle the AIP.”

According to the Discord post, an independent vote will now decide the allocation of 750 million ARB tokens. Also, foundation tokens will not be used in voting.

Foundation Seeks to Regain Community Trust

The Arbitrum Foundation’s “special grant” program at the center of the discussion will be renamed the “Ecosystem Development Fund.” Arbitrum has committed to provide a “transparency report” on how the funds will be used.

In the post, it was emphasized that the founding purpose of Arbitrum DAO is to set an example to create the most decentralized rollup and this goal will be pursued resolutely.

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Arbitrum thanked all participants on its official Twitter account and released a series of tweets by the Arbitrum Foundation to clarify the reasons for the sale of ARB tokens. This event highlights the importance of transparency and accountability in decentralize

Bittrex announces it will cease operations in the US

Cryptocurrency exchange Bittrex has decided to end its operations in the United States.

In the statement made by Bittrex CEO Richie Lai, it was stated that it is not possible for them to operate in the USA due to the current conditions.

The company, which turned nine this month, said that US customers’ funds are safe and should not worry.

“Bittrex is starting the process of liquidating its US operations today. Don’t worry, all client funds are safe and funds can be withdrawn. However, it is not economically viable for us to operate in the current US regulatory and economic environment.”

Lai said that although they have made great strides in maturing the crypto industry, it is no longer possible for them to operate in the US. However, he stated that Bittrex Global’s activities outside the USA will continue in the same way.

Lai said that US users will be able to trade until April 14, 2023, and underlined that they should withdraw all their assets by April 30, 2023.

The US continues to put pressure on the cryptocurrency industry. Cryptocurrency exchange Kraken had to terminate its staking service for US users a few weeks ago, under pressure from the SEC.

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The CFTC also announced that it has filed a lawsuit against Binance recently. The CEO of the company, CZ, stated that this is a FUD.

US Government Sold 9,800 BTC on March 14

The US government previously announced that it had seized 51,000 Bitcoins as part of the James Zhong case. The seized Bitcoins were worth $3.4 billion. Zhong was sentenced to less than 24 months after pleading guilty to fraud.

According to newly released documents, the US government announced that it sold 9,800 Bitcoins on the Silk Road case on March 14, and plans to sell a total of 41,500 Bitcoins in four batches throughout the year.

The US Government has disclosed three sources from which it has obtained a total of 164,839 BTC: Silk Road, Bitfinex hack and James Zhong. The amount of BTC obtained from James Zhong is 51,000 BTC, of which 9,800 have been sold.

The addresses of the remaining Bitcoins from James Zhong are:

  • Address where 30,000 BTC is located: “bc1qf2yvj48mzkj7uf8lc2a9sa7w983qe256l5c8fs”
  • Address where 9,000 BTC is located: “bc1qe7nk2nlnjewghgw4sgm0r89zkjzsurda7z4rdg”
  • Address where the remaining Bitcoins from Bitfinex are located: “bc1qazcm763858nkj2dj986etajv6wquslv8uxwczt“,

By following these addresses, you can follow the movements of Bitcoins.

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