In conformity with the proposed restructuring and discontinuation of the $ARENA token – this governance proposal clarifies C4IP-1,2,3,4,5: Constitution, DAO bootstrapping, reimbursements, token sale · code-423n4/org · Discussion #13 · GitHub, C4IP-9: Replenish Code4 Corp funding for Apr-Sep 2022 · code-423n4/org · Discussion #22 · GitHub, C4IP-11: Fund Code4 Corp for July-December 2022 · code-423n4/org · Discussion #38 · GitHub, C4IP-14: Fund Code4 Corp for October 2022 - January 2023 · code-423n4/org · Discussion #58 · GitHub, C4IP-18: Fund Code4 Corp for Feb-Mar 2023 · code-423n4/org · Discussion #84 · GitHub, C4IP-22: Fund Code4 Corp for Apr-Sep 2023 · code-423n4/org · Discussion #99 · GitHub and C4IP-26: Fund Code4 Corp for Oct 2023 - Mar 2024 · code-423n4/org · Discussion #117 · GitHub.

Consistent with the intended operational flow at the time – the listed proposals authorized execution of service fees paid to the Code4 Corporation. Although the budgets and purpose of the funds deployed by Code4 Corporation remain accurate, the service fee has been concluded as unnecessary in consultation with our advisors as the audit contests themselves predate the introduction of the $ARENA token and the ownership of the audit contests belongs to the IP held by the Code4 Corporation. This position results in greater clarity regarding the payment of tax, responsibility for the informational reporting and other compliance obligations.

Accordingly, the Code4rena DAO/UNA contains only the $1,934,209 in funds from the 2022 $2,450,000 sale of tokens, less the $515,791 of taxes paid. The $1.9 million will be contained in a wallet maintained by the DAO/UNA’s current administrators to be utilized as directed by future governance proposals.