Ragnarok CEO Loses 12% Startup Capital Through Crypto Trading
0xfanfaron will compensate the project's treasury through a cut in his salary and compensation packages but will continue as the CEO of Ragnarok.
0xfanfaron Apologizes for Trading Losses
The CEO of NFT gaming project Ragnarok, 0xfanfaron, has publicly apologized for following a decision that led to the loss of 12% of the project's capital. Ragnarok is an NFT startup launched in April and raked in Ether worth $15.5 million for gaming development through its first NFT sale in the same month.
"We exchanged the ETH from the mint for 15.5 million in USD Coin. As it turns out, this was a good move in treasury management. But when ETH's price went down, I made mistakes by buying ETH multiple times when I thought it was an advantageous investment for the project."
0xfanfaron mentioned that he sold the company's cryptocurrency through a series of trades with the view of reinvesting at a better time. Unfortunately, this led to $1.827 million in accrued losses. This is apart from the $6.9 million paid as salaries and compensation for team members and $1.9 million for outsourcing development work.
0xfanfaron Will Compensate Ragnarok Treasury
He further said he would compensate the Ragnarok treasury for all the trading losses. This will be done by reducing his salary by $200000 for the next four months, cutting his NFT compensation by $600000, and returning $600000 via NFT sale. In addition, one of his team members also committed $250000 worth of compensation.
To reaffirm his sincerity, he published the list of wallets that will be used to compensate for the loss. 0xfanfaron will continue as the CEO as investors were said to give their full support to him. He also confirmed that the project still has $10 million in its treasury, and the first arcade game from the platform will be launched within seven months.