Arbitrum DAO Approves $70 Million in Ether Support for KelpDAO Recovery

JOON HYOUNG LEE

Summary

Arbitrum DAO approved a contribution of $70 million worth of Ether (ETH) to support KelpDAO.
The proposal passed with about 91%% support of total voting power, making Arbitrum the largest contributor to DeFi United.
A U.S. court order could still create a legal obstacle to Arbitrum DAO's Ether contribution.

Forecast Trend Report by Period

Arbitrum DAO has approved a contribution of about $70 million in Ether to support KelpDAO after the protocol was hit by a recent hack.

The Block reported on May 8 that the DAO approved a proposal to transfer about 30,766 frozen ETH to DeFi United. The tokens are worth about $70 million at current prices.

The proposal drew 182.2 million votes in favor, representing about 91% of total voting power. The remaining roughly 9% abstained.

If executed, the contribution would make Arbitrum the largest contributor to DeFi United. The group was formed last month to help mitigate losses from the $292 million hack at KelpDAO.

The transfer could still face legal hurdles. Earlier in May, a U.S. court issued an order restricting Arbitrum DAO from moving funds it recovered in connection with the KelpDAO hack.

ARB