Azuki proposes to recover 20k ETH from its founder
AzukiDAO has launched a proposal called “Hire a lawyer” to recover 20,000 ETH from Azuki founder Zagabond.
AzukiDAO has launched a proposal to hire a lawyer to help file a lawsuit against the founder of the Azuki project for alleged misconduct.
The move will help AzukiDAO retrieve 20,000 ETH from the team, promote the entire Azuki community, and reward and incentivize the artists. In addition, the fund will go into organizing a research team for the lawsuit.
The proposal comes from the launch of Azuki’s new series, “Azuki Elementals.” The series sold out in under 20 minutes for 2 ETH apiece, bringing the total for sale to $38 million.
The NFT collection has been marred with accusations of unfair practices and a suspicious price decline in the original Azuki collection. The collection dropped from over 17 ETH to just 5.8 ETH.
Problems arose during the launch, such as the 10-minute window for white-listed Mint, website overloads causing Mint failures, and an extensive functionality overlap between the original Azuki and the new Azuki Elementals. The controversy escalated when the project team transferred 20,000 ETH after the launch.
Azuki Elementals launch was a fail
Azuki released its latest universe expansion called Elementals, a 20,000-edition NFT collection. Of the NFTs, the project airdropped 10,000 to attendees at a Las Vegas event. Other 10,000 went to a Dutch auction with specific mint mechanics, such as Azuki holders having a presale window for 10 minutes and a presale window for holders of BEANZ for 10 minutes.
The launch led to an uproar whereby the Azuki holders complained about technical issues and the artwork resembling the original collection.
Azuki later admitted that it “missed the mark,” saying that even though the Elementals’ goal is to grow the Garden and bring in new members, their ambitious goals caused the new collection to bring much community on the tangible differences with the Azuki collection.
Since then, the brand has dropped “Green Beans,” a new NFT collection to select collectors.
