Mantle pauses token migration to stop FTX from converting $43M in BIT tokens to MNT

A assemblage subordinate started a treatment among participants successful the Mantle decentralized autonomous enactment (DAO), proposing to restrict the collapsed FTX speech and Alameda Research from converting their BitDAO (BIT) tokens worthy $43 cardinal to Mantle (MNT) amid the ongoing token migration process. 

Community treatment connected preventing FTX from converting its BIT tokens. Source: Mantle

On Nov. 2, 2021, BitDAO swapped 100 cardinal BIT with Alameda successful speech for implicit 3.3 cardinal FTX tokens (FTT). The commercialized came with a nationalist committedness to clasp each other's tokens for a span of 3 years, which is until Nov. 2, 2024. However, amid the FTX fallout successful 2022, BitDAO suspected Alameda of dumping the tokens and causing BIT to plummet. At the time, erstwhile Alameda CEO Caroline Ellison denied their engagement successful the dump. 

Related: BitDAO’s Mantle Core squad proposes $200M for Web3 fund

Fast guardant a fewer months and the BitDAO assemblage proposed the unification of the BitDAO ecosystem which had BitDAO arsenic its governance limb and Mantle arsenic its product. On May 12, assemblage subordinate Cateatpeanut initiated a governance ballot to unify some nether the Mantle banner, which would besides mean that BIT holders would person their tokens converted into MNT. On May 19, the connection to unify Mantle and BitDAO passed with overwhelming support from its community.

On Aug 17, the substance of the BIT tokens held by Alameda became a taxable of treatment for Mantle assemblage members. Cateatpeanut argued that FTX Group's BIT should not beryllium automatically converted to MNT due to the fact that of "various disqualifying factors." According to the assemblage member, determination is nary "guaranteed close of migration" for the tokens, and helium past initiated the proposal.

Within the proposal, the assemblage subordinate asked to instrumentality a caller MNT migration astute declaration that is capable to restrict the automatic migration of FTX-owned tokens. The assemblage subordinate besides highlighted that the on-chain migration declaration has been paused until the decision of the treatment and the vote.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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