Hi,
Sharing some info’s relevant to Stake DAO and what sending a grant would mean for Arbitrum.
I strongly recommend pausing all proposal from stake until there is clarity on these topics for the safety and security of Arbitrum, it’s reputation and any potential legal actions that could come to Arbitrum for associating with Stake…
Note: Unfortunatly due to safety concerns from highlighting these challenging topics I have to post from a new account. There is a limitation on the links I can share so I had to put spaces in the links but they can be copied and put into your browser.
Just asking questions, my intention is to make sure our dear arbitrum ecosystem is protected and here for the long run. Reminder that I am challenging the proposal and not calling the stakedao contributors directly.
There is just a HUGE lack of information that hopefully when provided will show everything makes sense…
While Stake has shown they are building things there are some topics there is no or very little information about. I talk about it in this post.
Topics:
- Similar grant from Avalanche and lack of performance + information on how AVAX used
- Weird trading activity with treasury funds
- Not respecting governance
- Using treasury funds without voting
- Involvement in shady projects and treasury funds used for RFV raids
Stake “DAO” doesnt respect governance?
They transferred 600k SDT and +100k stables from treasury to wallets that looks like the team but there is no governance proposals around this??
You can see the tx’s here:
- Ethereum Transaction Hash: 0x3050539485... | Etherscan
- Ethereum Transaction Hash: 0x2b08424340... | Etherscan
- https:// etherscan. io/tx/0x3de192d70b6bc6278bb0b97bd6a9e29c9f31c1bff0bbdb80a64a42fb747b5d57
Question: Can you share the gov proposal for this and voting?
“Stake dao foundation”
they made a foundation for SDT: https:// stakedaohq .medium.com/stake-dao-contributors-reallocate-4-000-000-sdt-to-launch-the-stake-dao-foundation-8d4e58d6728a
But the promised amount never came and then how the SDT tokens that were sent its not easily found how they were used
foundation address
https:// debank .com/profile/0x40B4B1a259d48d96F08F099Deb07eFad31A2eB2A
Question: Can you explain what happened to these funds? sharing tx’s of course…
Questionable relationships and insider trading?
Stake also was involved in a pretty shady project called lobis and seems to be the only project that made money from it. See how they traded sdt for the lobis governance token and bought some more immediately before there was an RFV raid on the treasury…
Initial swap Lobis
https:// snapshot. org/#/stakedao.eth/proposal/0x8eae4106ad210cf7d063e41f820197ce4f94b19aabb28bf3d7ac94a7468de6ce
Lobis proposal
https:// vote.lobis.finance/#/proposal/0x81b4884136f0ea6774b54ac7103bf8580098e0fe787ce246fe87fd6387817695
Buying lobis suspiciously just before RFV
https:// signal.stakedao .org/#/proposal/0x6cc81060a79d4bd47ff50275dd8421abfbe8d63e35004080b9e47f5d84792469
Question: What was the relationship between stake, julien?
Question: How did stake know to buy lobi exactly at the right time to make money..? This money is in treasury and used to vote for incentives on their curve locker…
Costs & Governance
SDLI was voted for as the service provider to Stake DAO via governance on http: //gov .stakedao.org and snapshot for Stake DAO to cover all infrastructure provision e.g. employees wages, servers etc. for a 3 month period.
votes:
https:// snapshot .org/#/stakedao.eth/proposal/0xd3091afb37ffc10492808d5e7d10175418f2a1287ff94298a2c9bd75fe8751c2
https:// snapshot .org/#/stakedao.eth/proposal/0x5b873f81a0c846e84b1b0361634c57fdf281aa7cf3ca00ac5914824b68dff423
Stake dao multisig:
https:// app.safe. global/transactions/queue?safe=eth:0xF930EBBd05eF8b25B1797b9b2109DDC9B0d43063
Question: Can you share the multisig for this time period ‘costs’ paid to sdli and if they correspond to the figures? Its weird because tx’s from this time period are much higher than what was approved…
Question: there is no clarity on relationship between SDLI and Stake Capital and Stake, is it all the same? can you share info about it?
Avalanche
Stake was similarly given a grant from avalanche foundation during the defi bull run: https:// stakedaohq .medium.com/avax-rush-incentives-live-on-stake-dao-5792cc1337b4
Stake received a 1,500,000 AVAX delegation and rewards from Avalanche there were some things built, like an ‘arbitrage’ bot.
But seems avalanche stopped working with stake after the grant program and now stake dao isnt actively building on avalanche.
There is little information about it and it seems avalanche didnt benefit but lost a lot. So i’m highlighting some topics…
Its relevant because we need to know What will happen to the ARB stake dao receives?
seems there was a bot built and an ‘arbitrage strategy’ using delegation from Avalanche to stake dao validators and some AVAX they received to treasury.
Bots:
https:// snowtrace .io/address/0x5564d8c7c593b1eefe62a771d31b8c4398882009
https:// snowtrace. io/address/0x8c429ca60423f05953ce1bfa9ac4b642d0e9cccf
random transfer of 624 wavax sent to 0xbeef
https:// snowtrace. io/tx/0x9f80dd22d6549ff8609cad158c7b70be08b5a797a5e18a95df8c4694fc33639c
first delegated in : P-avax1n33j6wx28jz82c0cjnfh4rqc9p8tq99t94m2n5
second is in : X-avax1yd6755ej4vldxkyf7c4qtcr3847hgrw7gwwztq
Question: it’s related to stake dao validations?
there was also a huge account in the avalanche ‘arbitrage’ strategy, weird that the incentives were farmed here, could it be a way for stake to distribute reward to ‘community’ but then to collect rewards themselves… just asking questions not blaming! but it seems strange…
https:// debank .com/profile/0x9f705ff1da72ed334f0e80f90aae5644f5cd7784
Question: How were the avax used and what benefits did it achieve? sharing tx’s pls
Elrond Failure
There is another case with Elrond where users are clearly very unsatisfied abotu stake making a lot of promises but never delivering on the work promised.
The public chat is here “https: //t .me/stakedaoElrond”
Question: why was it was renamed from stake dao to stake capital?
Question: what is the relationship between the entities??
Then there is the story of the stake dao nfts
Had +100eth raised and seems they get rewards from the grant that avalanche gave…
Question: Before Arbitrum sends funds to stake again can you explain how these NFT eth was used and how AVAX incentives relates and what was achieved for avalanche?
Conclusion and request for more information
Over all there are a lot of unanswered topics and for the safety of Arbitrum foundation reputation being associated to stake and its concerning topics we need to know.
We need to make sure ARB not being used to pay team directly, its important to know information on the above topics.
I suggest pausing this proposal and reviewing topics before any more funds are sent to the team (and hopefully not team pockets!
Looking forward to clarity,
Askingquestions