- Across Protocol’s founders are accused of directing $23 million from the protocol to their own company, Risk Labs.
- Pseudonymous researcher Ogle alleges that DAO votes were manipulated by insiders to approve the transfer of funds.
- Risk Labs founder Hart Lambur denies any wrongdoing, stating the company operates as a nonprofit in the Cayman Islands.
- Records show Risk Labs is registered as a foundation company, but its nonprofit status could not be independently verified.
- Debate continues around DAO governance and transparency within the crypto community.
Across Protocol founders face allegations of transferring $23 million from the protocol’s decentralized autonomous organization (DAO) treasury to their company, Risk Labs. The accusations surfaced on Friday through an X thread from Ogle, the founder of Glue, who claims that DAO votes were covertly manipulated to benefit Risk Labs.
Ogle alleges that insiders coordinated proposals funding their for-profit company and described the setup as a DAO "in name only." According to Ogle, two major DAO proposals routed millions of ACX tokens to Risk Labs, with insider votes ensuring both passed. “Had the team not voted on this proposal, it wouldn’t have reached quorum,” Ogle stated. The tokens involved reportedly equaled around $23 million at the time of reporting.
Hart Lambur, founder of both Risk Labs and Across, denied the allegations. He stated in a public X post that Risk Labs is a nonprofit foundation registered in the Cayman Islands, sharing an official certificate of registration as evidence. Lambur dismissed the accusations and confirmed that team members bought tokens on the open market and voted on proposals like any DAO participants. “My team is free to buy tokens and privately vote in proposals, just like every other DAO out there,” he said.
Cointelegraph independently confirmed Risk Labs’ registration as a foundation company in the Cayman Islands. However, Risk Labs does not appear on the official list of registered nonprofits. According to a guide from legal firm Harneys, Cayman Islands foundation companies may operate for commercial or private purposes—even if designated as foundations.
Further, law firm Ogier notes that such foundations can distribute assets to named beneficiaries instead of shareholders. Ogle also claimed that wallets linked to team members, including one funded by Lambur, played a significant role in passing the proposals.
Lambur responded by questioning Ogle’s Anonymity and the timing of the accusations, pointing out connections to rival projects such as LayerZero and Stargate. Cointelegraph did not receive additional comment from Ogle by the time of publication.
For more information on the registration of Cayman Islands entities, visit the general registry.
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