According to a recent blog post, 0xfanfaron, CEO of non-fungible token (NFT) gaming project Ragnarok, has publicly apologized for his mistakes at the helm of the company. Ragnark is a cryptocurrency startup that raised $15.5 million worth of Ether for game development through its first NFT sale in mid-April. However, a0xfanfaron revealed:
“We converted the ETH from minting into 15.5 million USD Coin. Turns out this was a good move in treasury management. But when the price of ETH went down, I made mistakes buying ETH several times when I thought it was a good investment for the project”.
0xfanfaron further explained that he sold the firm’s Ether holdings through a series of trades with the plan to reinvest at a “better time.” The operation involved USD 1,827 million in realized losses. Other Ragnarok expenses during that time included $1.9 million paid for outsourcing development work and $6.9 million in salaries and severance pay to team members.
0xfanfaron assured that it will “compensate the Ragnarok treasury for all business losses.” This will be done by returning $600,000 from the NFT sale, a payment of 163.8 Ether, and reducing his NFT compensation by $600,000, along with taking a $200,000 pay cut for the next four months. . Another member of the team, Krimbo, has also promised to return $250,000 of his compensation.
For greater transparency, 0xfanfaron published a list of wallets that will be used to compensate for the firm’s trading losses. Going forward, he noted that the firm still has more than $10 million left in its treasury and claims to have the full support of investors to continue as CEO. Ragnarok hopes to launch its first arcade within the next seven months.
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