The unauthorized Network State Company investment


I’m surprised to see that the Aragon DAO is listed here as an investor. Where do the funds come from? Did we miss the vote? Was it discussed?

It is seemingly closely linked to @luis, the founder of Aragon DAO, which seems a good case of embezzlement of DAO funds. It has already been done by insiders in the past, why not stop?

Is it still a DAO, or just a massive theft of the insiders at the Aragon Association, who have been AWOL for 6 months now (but are still getting paid!)?

Anyway, I’m sure a Swiss judge will love this!

Archive in case they chicken out:


UPDATE: Apparently Nation3 has pivoted (which wasn’t advertised by their Twitter account nor Github space).

N3 → TNSC Introducing The Network State Company — The Network State Company & Aragon DAO. Aragon DAO’s legal wrapper gets shares in TNSC proportional to its NATION holdings.

So you steal the treasury and claim it to be yours? Then you are mad people are bothering you on holiday?

Time to face the music. This is criminal behavior

lol how does that work in practice? Wouldn’t it be simpler to refund the tokens that were clearly appropriated in a dubious manner?

Here is the 51% attack proof: Snapshot

A minority stakeholder that has ~4% gov power has no absolute say in governance. I hold shares in many startups as an angel investor and I don’t get to decide what they do with my small stake — even less so if they pivot or change legal structure. Here’s the legal agreement if you want to read it.

I’ll stop replying since everything that needed to be said, has been said.

Remaining ANT holders will get 0% of your new company. Furthermore, what is it? A golden-visa reseller with a nice UI? We’re straying very far from innovative projects, here.

The problem here is that you got your old project to fund your new (DA)O, then you emptied the (DA)O to fund the new project, stealing Nation3 token holders from their equity rights. This would be 100% illegal in the incorporated startups you’re referring to.

And yes, you have totally a say if they change the legal structure! This is what shareholding is for. There is a VOTE, like with a DAO, but I guess you forgot what it is now.

If you want to invest privately in new endeavours, use your funds, I’m sure you have more than enough to avoid raiding projects like you’re doing.

Frankly, I hope Balaji will get to know this and kick you out, otherwise the noble project of the Network State is doomed from the start with such corrupt people on board. Anyhow, I’ll be here at the next conf to explain everything to him (and other participants) in person.