Arbitrum Community Proposes Transfer Of ARB Tokens To DAO Treasury

According to PANews, a proposal has been submitted on the Arbitrum community forum suggesting the transfer of 220 million ARB tokens from the Game Catalyst Program (GCP) multi-signature wallet to the Arbitrum DAO treasury. The proposal recommends retaining only 3.65 million ARB tokens for the continued operation of the GCP until further funding is required through governance applications. The proposal highlights that the GCP has failed to fulfill its oversight responsibilities and that the multi-signature wallet controlling $120 million poses security risks. The slow progress of the GCP's operations and its failure to meet transparency and oversight commitments have further raised concerns within the community.