Ampleforth is facing a live governance-risk event after a newly used Ethereum wallet submitted Proposal 54, seeking a one-time transfer of 2.5 million USDC from the protocol’s time-locked treasury. The proposal, titled "Observatory for SPOT – Completed-Work Treasury Grant," would send the funds to the proposer for a publicly released, read-only analytics interface, according to its Tally description. No funds had moved as of September 13, 2026, and the proposal remained Pending. The timelock held about 2.538 million USDC, so execution would nearly exhaust its liquid cash reserve. The proposer disclosed voting power of 87,238 FORTH, about 0.57% of supply and above the 75,000 FORTH threshold for submitting a proposal, while quorum is 600,000 FORTH. Defimon Alerts classified the matter as a malicious-governance and access-control risk, citing the size of the request, the newly used wallet, the self-vote disclosure and the lack of a visible prior off-chain discussion. The vote was scheduled to open at 05:22 UTC on September 14 and close at 23:04 UTC on September 16, subject to any cancellation, defeat or execution before then.