Fundamental Labs Refund Request

Governance Treasury
1

Summary

Return Fundamental Labs DAO Partner Program Batch 1’ faulty transaction of 250,000 USDC to the original address.

Details

Upon the launch of the SSV.network’s DAO’s partner program, Fundamental Labs decided to participate in ssv.network’s batch 1. Unfortunately,we were late to submit our proposal before the end of batch 1 ‘cut-time’. Therefore, our proposal was not voted in by the DAO. See the original suggested proposal as published on the forum here.

Mistakenly, following the forum proposal mentioned above we transferred 250k USDC to the DAOs treasury: Tx ID: 0x7cf709d53142e6a77f16f6357003ab403210fe3af91163d874a4b945d44b780c without prior approval . The transfer was made from the following address: 0x457e7f7e2ec5d5d1d2e2ace64443a45b9d74d41f.

Since the transaction was made our funds remained in the DAOs treasury address. We tried to retrieve the funds by way of a proposal and a vote as visible here. The community did vote in favor of our request to return the funds to the original address, but the quorum threshold had not been met. Apparently the submitted request was not clear enough and caused confusion in the community.

We would like the funds to be returned to the same address used to send the USDC to the DAO. Faulty transactions are common enough in the crypto space, luckily this time we have the ability to reverse the transaction and return the funds to their rightful owners.

Reasons for

A mistake was done, let’s correct it

Reasons against

None

Mechanics

DAO m.sig committee to return the funds to the following address listed above (following a successful vote)

3 Likes
2

This was an honest mistake, and I support returning these funds. I think they should have been returned a long time ago. Getting enough votes to meet the minimum requirement might be challenging though…

1 Like
3

Agreed, i am also in favor returning these funds.

4

I support this. We should return the funds.

1 Like
5

+1! Let’s move this off the table.

6

This proposal reached quorum but was rejected as you failed to follow two rules from the DAO guidelines:

  • The voting period was not 7 days (you set it to 10).
  • There was no option to vote against your proposal.

Seems like you have a lot of support for this proposal, I think it may pass if you submit it with the right parameters. You can also ask me to submit it for you, I will make sure to submit it with the right parameters.

I have also reached out over email with detailed instructions.
You can email me at spookyg.ssv@gmail.com or reach out on discord at Sp00kyG#6714.
You can also reach out here on the forum. Let’s fix this.

-DAO Member SpookyG

1 Like
7

Thank you all for your consideration and for the help! I’ve been working with Sp00kyG who just submitted the below snapshot proposal with the correct formatting. Could I please ask for this community’s help in getting the quorum necessary to approve?

https://snapshot.org/#/mainnet.ssvnetwork.eth/proposal/0xfd4a7cb68ce6672f361e75a3e6f1a79a2f601ae61d5f19324149b01e87dc9ff0

3 Likes