In conformity with the proposed restructuring and discontinuation of the $ARENA token – this governance proposal reverses C4IP-21: Code4rena Treasury Diversification.

The tokens purchased will be returned to the DAO treasury until the final proposal in Q1 of 2024, at which time we anticipate that these tokens will be burnt as part of the discontinuation of support for the $ARENA token.

The $6 million in USDC will be payable from the Code4rena UNA. However, as the UNA has already transferred the USDC from this transaction to the Code4 Corporation as service fees – the Code4 Corporation will take responsibility for satisfying this debt, which will occur through the issuance of Code4 Corporation stock to all redeeming token holders promptly upon the passing of this proposal.