This series of events has made the Arbitrum DAO looks very redundant and powerless. There was zero DAO oversight or input on these funds.
This “Foundation” entity already has such a large chunk of ARB, and now the DAO is left feeling like it has no control over them. What’s the point of ARB governance if day-to-day activities ignore it entirely?
IMO it’s more important than ever that AIP-1 be voted down and that a new draft be created, significantly reducing the funds given to the Foundation. Trust between the DAO and the Foundation has been broken and must be rebuilt through open governance channels.