Arbitrum: The foundation did not sell 50 million ARB, only 10 million tokens were sold for operations

ChainCatcher message, Arbitrum responded to community concerns about "whether the Arbitrum Foundation sold ARB tokens before the proposal was approved" and forwarded a lengthy clarification published on the official governance forum. Regarding some controversies involved in the governance proposal, Arbitrum explained that with the launch of the DAO, a "chicken or egg" problem arose, and many decisions had to be made before the official release.

Regarding the AIP-1 proposal, Arbitrum pointed out that the goal of this proposal is to allow community participation in the initial decision-making, ultimately enabling token holders to approve the initial decisions and framework through DAO voting; as for the on-chain transfer of 50 million ARB tokens, Arbitrum responded that the foundation did not sell 50 million ARB tokens, of which 40 million ARB tokens were allocated as loans to a savvy participant in the financial market, while the remaining 10 million ARB tokens were exchanged for stablecoins and used for operational costs. (source link)