EigenLayer examines 1.67 million EIGEN token sale, raising issues over lockup infractions and internal security.
Key Takeaways
- 1.67 million EIGEN tokens offered through MetaMask might breach EigenLayer’s lockup policy.
- Questions develop on internal oversight as EigenLayer group wallet connected to unapproved token sale.
EigenLayer, announced an examination into an unapproved sale of 1.67 million EIGEN tokens, apparently disposed through MetaMask at around $3.3 each.
Community Update
We are examining unapproved selling activity associated with this wallet: (https://t.co/Pp9KoTfACp).
We will share our findings with the neighborhood as quickly as possible.
— EigenLayer (@eigenlayer) October 4, 2024
The deal, which might have broke EigenLayer’s stringent 1year lockup schedule for workers and early financiers, hasactually raised concerns around token security and internal compliance.
Arkham Intelligence identified the suspicious sale, which included a wallet moneyed by EigenLayer’s multi-signature Gnosis Safe. According to blockchain analytics company Lookonchain, the tokens were moved from an EigenLayer group wallet before being offered bymeansof MetaMask, stimulating issues over internal oversight and token security.
According to the procedure’s lockup policy, existing and previous staffmembers, as well as early financiers, are limited from selling or staking EIGEN tokens gotten from Eigen Labs upuntil September 2025.
After that, just 4% of each recipient’s tokens will unlock regularmonthly, with complete vesting set for September2027 The sale appears to have contravened these standards, as EIGEN tokens were just airdropped start on May 10, 2024, leaving the wallet under the preliminary 1year lockup.
EigenLayer opened its token on October 1, prope