In 2023, decentralized autonomous organizations (DAOs) Nouns and Aragon faced hostile takeovers by so-called "DAO raiders" who exploited arbitrage opportunities in governance. These raiders bought up tokens below their book value, gaining control and proposing changes that led to the extraction of $27 million from Nouns and leadership changes at Aragon. The incidents highlighted the challenges of governance in DAOs and the potential for exploitation by self-interested parties. Today, both Nouns and Aragon continue to operate, albeit with changes and lessons learned. Experts suggest DAOs can protect themselves by professionalizing their tokenomics and governance, avoiding risk-free value in the treasury, and mapping voting groups.