​Arbitrum proposal to return 700M ARB fails, whale calls it a | Crypto Shake

​Arbitrum proposal to return 700M ARB fails, whale calls it a “power play”

AIP-1.05 was defeated by 118 million votes after the proposal was introduced following the Arbitrum Foundation’s transfer of funds without community approval.

A controversial proposal seeking the return of 700 million ARB governance tokens to Arbitrum’s DAO treasury was rejected by a massive number of votes on April 15. The improvement proposal called AIP-1.05 was introduced after the Arbitrum Foundation transferred funds without community approval in March.

The proposal was defeated by 118 million votes, representing 84% of the total votes received, while 21 million ARB tokens voted for the proposal, nearly 14.5% of the total. Around 2 million ARB tokens abstained. The proposal asked the foundation to return the tokens as a “symbolic gesture to demonstrate that the governance holders ultimately control the DAO, not the Arbitrum service provider nor the Foundation.”