NFTs Gaming CEO Apologizes For Losing 12% Of Startup Capital Through Crypto Trading
0xfanfaron has vouched to personally indemnify company treasury for all business losses.
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According to a recent blog post, 0xfanfaron, CEO of non-fungible token (NFT) gaming project Ragnarok, has publicly apologized for his missteps in running the company. Ragnarok is a crypto startup that brought in $15.5 million worth of Ether (ETH) for game development in April through its first-ever NFT sale. However, 0xfanfaron revealed:
"We traded the Mint's ETH for 15.5 million USD coins. It turned out to be a good move in cash management. But when the price of ETH went down, I made mistakes buying ETH multiple times when I thought it was a good investment for the project."
0xfanfaron further explained that he sold the company's Ether positions through a series of trades in an effort to reinvest at a "better time." The venture resulted in realized losses of $1.827 million. Among Ragnarok's other expenses during this time were $1.9 million paid for outsourcing development work and $6.9 million in salaries and wages for team members.
>0xfanfaron has vouched that he will "compensate the Treasury of Ragnarok for all commercial losses". This will be done by returning $600,000 from the NFT sale, a payout of 163.8 Ether and reducing his NFT compensation by $600,000, while taking a $200,000 pay cut for the next four months. Another team member, Krimbo, has also pledged to return $250,000 of his compensation.
For more transparency, 0xfanfaron has published a list of wallets that will be used to compensate for the company's trading losses. Going forward, he pointed out that the company still has more than $10 million in its cash flow and claims to have the full support of investors to continue as CEO. Ragnarok plans to launch its first arcade game within the next seven months.
0xfanfaron has vouched to personally indemnify company treasury for all business losses.
New
According to a recent blog post, 0xfanfaron, CEO of non-fungible token (NFT) gaming project Ragnarok, has publicly apologized for his missteps in running the company. Ragnarok is a crypto startup that brought in $15.5 million worth of Ether (ETH) for game development in April through its first-ever NFT sale. However, 0xfanfaron revealed:
"We traded the Mint's ETH for 15.5 million USD coins. It turned out to be a good move in cash management. But when the price of ETH went down, I made mistakes buying ETH multiple times when I thought it was a good investment for the project."
0xfanfaron further explained that he sold the company's Ether positions through a series of trades in an effort to reinvest at a "better time." The venture resulted in realized losses of $1.827 million. Among Ragnarok's other expenses during this time were $1.9 million paid for outsourcing development work and $6.9 million in salaries and wages for team members.
>0xfanfaron has vouched that he will "compensate the Treasury of Ragnarok for all commercial losses". This will be done by returning $600,000 from the NFT sale, a payout of 163.8 Ether and reducing his NFT compensation by $600,000, while taking a $200,000 pay cut for the next four months. Another team member, Krimbo, has also pledged to return $250,000 of his compensation.
For more transparency, 0xfanfaron has published a list of wallets that will be used to compensate for the company's trading losses. Going forward, he pointed out that the company still has more than $10 million in its cash flow and claims to have the full support of investors to continue as CEO. Ragnarok plans to launch its first arcade game within the next seven months.
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