AssangeDAO’s crypto activities suspicious, analysts urge caution

    2024.04.03 | exchangesranking | 74onlookers

    Analysts at SlowMist have raised concerns about a possible “soft rug pull” on March 10 when a 100 Ether (ETH) transaction from an AssangeDAO address went to a recipient seemingly associated with the decentralized autonomous organization.

    The blockchain forensics firm emphasized that while the true intentions of AssangeDAO are unclear, investors should proceed with caution and conduct comprehensive due diligence before interacting with the organization.

    AssangeDAO, which launched in 2022, rose to prominence with its stand for the freedom of Julian Assange, an Australian activist famous for creating WikiLeaks, a platform committed to disclosing classified data from unidentified origins.

    The process of an AssangeDAO-related address transferring funds to another AssangeDAO-related address. Source: SlowMist

    Following a 2021 high court ruling in the United Kingdom on Assange’s extradition, backers established AssangeDAO to advocate for his freedom.

    The initiative amassed over $53 million in cryptocurrency contributions, including a donation from Ethereum co-founder Vitalik Buterin.

    The AssangeDAO intends to use the funds to bid on a one-of-one nonfungible token (NFT) from a drop called “Censored” by digital artist Pak in collaboration with Assange.

    The sale proceeds are supposed to go toward Assange’s defense fund and additional awareness campaigns as he fights extradition to the United States.

    The AssangeDAO’s $53.7 million marked the largest amount raised by a decentralized autonomous organization (DAO) using the community funding hosting platform Juicebox, overtaking the widely popular ConstitutionDAO, which raised $49 million from the community in late 2021 to bid on a copy of the first edition print copy of the United States Constitution.

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    However, collaborative analysis by SlowMist and RescuETH discovered that beginning in 2022, AssangeDAO moved most of its funds to multiple addresses, including several associated with cryptocurrency exchanges such as Kraken and Coinbase.

    Furthermore, the group transferred more than 1,000 Ether to various unidentified smart contracts, dispersing the funds among numerous addresses. AssangeDAO had not issued any public statements regarding the matter at the time of publication.

    SlowMist analysts stressed the importance of transparency in DAO operations, highlighting that the recent transfers have sparked questions, especially regarding where the funds ultimately ended up.

    On Nov. 8, 2023, AssangeDAO announced that 16 members of the U.S. Congress signed a letter urging Attorney General Merrick Garland to drop the dangerous and unprecedented charges against Assange.

    On March 26, Assange was granted permission by a U.K. court to appeal his extradition to the United States.

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