Ampleforth proposal to move 98% of treasury USDC canceled before voting

Ampleforth’s on‑chain governance saw Proposal 54, which would have moved roughly 2.5 million USDC to the proposer’s wallet, canceled before any votes were cast.

Proposal details and cancellation

The proposal, submitted by wallet 0x730C…dd82, aimed to transfer 2.5 million USDC as a retrospective grant for the Observatory for SPOT analytics tool. The request represented about 98.5 % of the USDC shown in the treasury dashboard (≈2.54 million USDC) and 70.2 % of the total displayed value (≈$3.56 million).

Tally records show zero votes and a cancellation block that precedes the scheduled voting‑start block, meaning no transfer was executed.

Delegated voting power

Just before the proposal was created, address 0x38cA…24D8 delegated 87,238.5461 FORTH tokens to the proposing wallet. The proposal‑creation transaction occurred about 19 minutes later. Within the same day, the delegating address transferred the delegated FORTH away and called cancel(54) roughly 14 minutes after the transfer.

Ampleforth’s governor contract permits cancellation when a proposer’s prior‑block voting power falls below the proposal threshold, which matches the observed sequence.

Governance implications

The incident highlights a gap in Ampleforth’s governance process: a request that could have moved nearly the entire USDC balance reached the on‑chain binding stage without any public discussion or vote.

Security firm GoPlus Security flagged the pending proposal as a potential attack, though no funds were lost and the motive behind the cancellation remains unclear.