ApeCoin DAO, a decentralized organization that governs the apecoin (APE) development, has become a subject of controversy after market analyst Cobie (Jordan Fish) questioned the organization's structure.

In a tweet, Cobie wondered if anyone knows about any potential ties between the DAO's board members and the so-called "launch contributors," as the last ones will get over 30% of their allocation unlocked just at the same time when the staking program for APE tokens would be launched. Cobie added:

Perhaps board members should properly disclose their own interests when making proposals — a high APY staking program that begins at the time of the earliest unlocks seems to have potential adversarial incentives.

He also suggested there might be a conflict of interests if the board members have "material amounts" of vesting completed in six months. As of press time, ApeCoin DAO's board includes Alexis Ohanian (Reddit), Amy Wu (FTX), and others.

ApeCoin DAO board. Source: apecoin.com
ApeCoin DAO board. Source: apecoin.com

Yet, it is still quite a mystery under what conditions they have been appointed as there was no public vote on that matter. The ApeCoin's official website states that the board's goal is to administer DAO proposals and serve the vision of the community. The initial board serves a term of six months, after which DAO members will vote annually on board members.

Read also: 🙊 Damn! Bored Ape creators just raised $450 million