Hi this is Dan Smith from @BlockworksResearch
Thanks @stonecoldpat
The Administrative Budget Wallet (0xc2) was funded 15 days ago during the initial distribution phase – before the user airdrop occurred. Why does AIP-1 speak in the future tense, implying 0xc2 has not been created yet? Quoted from the text of AIP-1:
“… a separate account controlled by The Arbitrum Foundation will be created … 750 million $ARB tokens will be transferred to the Administrative Budget Wallet for purposes of making Special Grants, reimbursing applicable service providers for the Total Setup Costs and covering ongoing administrative and operational costs of The Arbitrum Foundation.”
Since being funded with 750M ARB 15 days ago, 0xc2 has distributed 50.5M ARB to 3 “child wallets.” The child wallets then sent millions of ARB to various “grandchild wallets.” The grandchild wallets have numerous transactions with CEXs (namely Kucoin and Binance). This activity looks similar to what the stated purpose of the Administrative Budget Wallet is: to fund operating expenses.
But how? There was never a vote to fund the Administrative Budget Wallet, yet the Administrative Budget Wallet is already using the 750M ARB allocation.
Your response states:
“The 750m ARB tokens for the multisig is funded from the DAO’s treasury.”
Further, can you please confirm if the 750M ARB used to fund the DAO treasury was ever actually owned by the DAO?