DAO Archives - WEB3NOW

So, decentralized from prison?

eth dot link service about to go offline because domain owner is in prison

August 25, 2022https://t.co/3cLgcPKZaS pic.twitter.com/opLcSUY6TR
— web3 is going just great (@web3isgreat) August 26, 2022

Brainwashed by a cult

"Well, it's not possible that I'm brainwashed by a cult. I listened critically to all the weekly meetings and also took all the extra classes they offered. Even got certification of Level 9. There was no way of knowing they'd just take my money and run…"
— Jakob (@odoruhako) July 23, 2022

Axie Infinity hacked!

ITS 👏 NOT 👏 A 👏DECENTRALIZED 👏 EXCHANGE 👏 IF 👏 SOMEONE 👏 CAN 👏 STEAL 👏 EVERYONES 👏 MONEY 👏 BY 👏 COMPROMISING 👏 A 👏 SINGLE 👏 CONTRACT 👏

$500+ million dollars goes poof. In the next week some exchange will raise the money to bail them out. pic.twitter.com/kdvaRUU30h
— Bitfinex’ed 🔥 Κασσάνδρα 🏺🇺🇦 (@Bitfinexed) March 29, 2022

Popular blockchain game Axie Infinity suffers a $625 million exploit, possibly the largest in defi history

March 29, 2022https://t.co/3nOhJ9o4wi pic.twitter.com/pLqSPc3BUV
— web3 is going just great (@web3isgreat) March 29, 2022

DAOs vs reality…

“Many DAOs are wrestling with challenges, including massive financial losses from software flaws and hacks, internal divisions that threaten some entities’ continued existence and allegations of improper diversion of community funds.” https://t.co/PVnkFRkzVU
— Frank Pasquale (@FrankPasquale) March 12, 2022

“Members of DAOs are clashing with one another about how to balance the need for skilled and experienced managers against the idealistic vision of communal decision-making. In some cases, crypto investors and regulators say, the ventures amount to Ponzi schemes intended to do little more than bolster the value of the digital tokens they sell.”

Abracadabra’s rug-pull

ABRACADABRA trying to rug-pull their holders.

Here's how it works. Give these scammers DAO tokens in exchange for SPELL Tokens.

They then run off with the DAO tokens and disappear leaving you worthless SPELL tokens.

Funds managed by Daniele Sesta. 🤣https://t.co/AjLnAFS15d pic.twitter.com/tWscUZYRRJ
— Bitfinex’ed 🔥 (@Bitfinexed) January 30, 2022