{"id":17180,"date":"2023-02-01T19:40:42","date_gmt":"2023-02-01T19:40:42","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/makerdao-announces-a-5m-legal-defense-fund\/"},"modified":"2023-02-01T19:40:42","modified_gmt":"2023-02-01T19:40:42","slug":"makerdao-announces-a-5m-legal-defense-fund","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/makerdao-announces-a-5m-legal-defense-fund\/","title":{"rendered":"MakerDAO announces a $5M legal defense fund"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1675279978648-4b5bb86c-b2e7-4508-a879-a4b5ba122d2b-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1675279978648-4b5bb86c-b2e7-4508-a879-a4b5ba122d2b-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1675279978648-4b5bb86c-b2e7-4508-a879-a4b5ba122d2b-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1675279978648-4b5bb86c-b2e7-4508-a879-a4b5ba122d2b-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">MakerDAO will set up the Defense Fund with an initial 5 million DAI.<\/li>\n<li dir=\"ltr\">The fund acts as a self-insurance tool and will only cover legal defense expenses of specific MakerDAO participants.<\/li>\n<li dir=\"ltr\">Funds will be secured in a multisig wallet, with the Maker Protocol taking control as a beneficiary.<\/li>\n<\/ul>\n<p dir=\"ltr\">MakerDAO, the decentralized autonomous organization (DAO) that issues the Dai (DAI) stablecoin and <a href=\"https:\/\/coinjournal.net\/maker\/what-is-maker\/\">governance token Maker<\/a> (MKR), has <a href=\"https:\/\/twitter.com\/MakerDAO\/status\/1620795626349887488\" rel=\"noopener noreferrer\" target=\"_blank\">announced<\/a> the launch of a new fund to be utilized in the case of legal or regulatory action involving the DAO\u2019s participants.<\/p>\n<p dir=\"ltr\">The Defense Fund has been created following a governance vote on a Special Funding Proposal, the Maker team said. Accordingly, funds will be added to a multisig wallet for this purpose, with this done in one lump sum, the platform revealed on Wednesday.<\/p>\n<h2 dir=\"ltr\">MakerDAO\u2019s $5 million defense fund<\/h2>\n<p dir=\"ltr\">According to the platform, the fund will initially have a contingency budget of $5 million in the native DAI and be used to reimburse legal expenses incurred by specific community members.<\/p>\n<p dir=\"ltr\">Specifically, the Defense Fund will cover recognised delegates, core unit facilitators and permanent contributors. Active holders of <a href=\"https:\/\/coinjournal.net\/maker\/price\/\">MKR<\/a> are also part of the primary group of beneficiaries.<\/p>\n<p dir=\"ltr\">The Defense Fund is thus envisaged as \u201c<em>a self-insurance tool for MakerDAO participants<\/em>.\u201d However, those set to benefit (as listed above) must be facing legal action directly linked to their activities at MakerDAO, the platform added.<\/p>\n<p dir=\"ltr\">\u201c<em>All claims and payouts will be managed by an external technical committee composed of insurance and risk management experts. The committee will issue a recommendation to approve or reject a payout based on a claim<\/em>,\u201d read part of a statement posted on the Maker Twitter account.<\/p>\n<p dir=\"ltr\">Maker Protocol will control the funds as one of the parties to the Defense Fund multisig wallet.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/makerdao-launches-5-million-legal-defense-fund\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) MakerDAO will set up the Defense Fund with an initial 5 million DAI. The fund acts as a self-insurance tool and will only cover legal defense expenses of specific MakerDAO participants. Funds will be secured in a multisig wallet, with the Maker Protocol [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":17181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/17180"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=17180"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/17180\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/17181"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=17180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=17180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=17180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}