Single wallet proposed transfer of 98% of Ampleforth USDC

A wallet submitted Proposal 54 to transfer 2.5 million USDC to the proposing address 0x730C…dd82. The proposal was canceled on-chain before the voting window opened and governance records show zero votes. No USDC left the protocol treasury.

On-chain data show address 0x38cA…24D8 delegated 87,238.5461 FORTH of voting power to the proposing wallet shortly before the proposal was created. The proposal-creation transaction occurred about 19 minutes after the delegation. Later the same day the delegator moved the FORTH tokens away and called cancel(54) roughly 14 minutes after that transfer.

Ampleforth’s governor contract includes a cancellation route that triggers when a proposer’s prior-block voting power falls below the proposal threshold. The sequence of delegation, token transfer and cancel(54) matches that on-chain condition and resulted in the proposal being removed before voting began.

A treasury snapshot published around Sept. 15, 2026 showed about 2.54 million USDC and $3.56 million in total marked value. The 2.5 million USDC request equaled about 98.5% of the protocol’s reported USDC and about 70.2% of the displayed total marked value.

The proposal described the payment as a retrospective grant for an analytics tool called Observatory for SPOT and contained a single executable action to send the USDC to 0x730C…dd82. The proposal also listed 0x38cA…24D8 among addresses that might delegate voting power or vote on the grant.

A security firm flagged the proposal on social media and described the action as an ‘attack’. Control of the delegating address 0x38cA…24D8 is not identified in the proposal text or on-chain records. The verified on-chain record shows a canceled proposal and no executed transfers from the treasury.