Illuvium DAO Votes Against Cryptocurrency Battle Between CEO and Hedge Fund Co-Founder

02/28/2023 12:42 • AI & Tech Insights • 156 views

On February 28, it was reported that the community behind the NFT game project Illuvium, Illuvium DAO, was voting to prevent the planned cryptocurrency Illuvitars D1sk battle between Kieran Warwick, its chief executive officer, and Su Zhu, the co-founder of the bankrupt cryptocurrency hedge fund Three Arrow Capital. The content of the proposal shows that direct contact with Su Zhu may damage the reputation of the DAO, and the cancellation of the game link will help the project avoid the risk of “connected fraud”.

Illuvium DAO voted to cancel the battle between its CEO and Su Zhu’s Illuvitars D1sk

Interpretation of the news:

The community behind the NFT game project, Illuvium, known as Illuvium DAO, recently voted to prohibit a planned cryptocurrency battle between various individuals, including its CEO Kieran Warwick and Su Zhu, Co-founder of the bankrupt cryptocurrency hedge fund, Three Arrow Capital. The proposal highlights the potential reputation damage that might result if direct contact were made with Su Zhu, who has been linked to fraudulent activities in the past.

The proposed cryptocurrency battle, called the Illuvitars D1sk, has been causing divisiveness among the members of the community given Su Zhu’s involvement. As a result, Illuvium DAO members saw the battle as a risk to the reputation of the Illuvium project and chose to block it. Illuvium is an NFT game built on the Ethereum blockchain that allows gamers to collect and trade mythical creatures called Illuvials. The project has gained a lot of attention recently, and its NFTs have crossed several hundred thousand dollars in sales within days of launching.

The proposal further mentions that the “connected fraud” risk associated with Su Zhu’s presence in the battle could harm the reputation of the DAO. The DAO is responsible for managing the project and ensuring its success while preserving the integrity of the community. Any fraudulent activity could have dire consequences for the project and the community as a whole.

While Illuvium DAO aims to provide members with a platform to make democratic decisions on community matters, this recent proposal reiterates the importance of safeguarding reputational and financial risks to the project. As the blockchain ecosystem grows, the industry’s players have a responsibility to eradicate fraudulent activities, and Illuvium DAO has taken the first step towards avoiding potential fallout.

In conclusion, Illuvium DAO’s decision demonstrates the importance of artist reputation and transparency in the blockchain ecosystem. While Su Zhu could have proven himself in the battle, the potential reputation damage it could have caused to the project was too high to risk. Thus, the DAO has safeguarded the project while also preventing potential fraudulent activities.

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Illuvium DAO Votes Against Cryptocurrency Battle Between CEO and Hedge Fund Co-Founder

Illuvium DAO voted to cancel the battle between its CEO and Su Zhu’s Illuvitars D1sk

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