NFTs Gaming CEO apologises for losing 12% of its startup capital to crypto trading

A recent blog post stated that 0xfanfaron (CEO of nonfungible tokens gaming project Ragnarok), has publicly apologized for his mistakes in leading the company. Ragnarok, a crypto startup that raised $15.5 million in Ether ( ETH) to fund gaming development through its first ever NFT sale in April. However, 0xfanfaron disclosed:

“We exchanged the ETH at the mint for 15.5 millions USD Coin. This was a smart move in treasury administration. However, when ETH prices dropped, I made mistakes and bought ETH multiple times. I believed it was a good investment for the project.

0xfanfaron explained that he sold Ether positions to the firm through a series trades, with the intention of reinvesting at a “better moment.” This venture resulted in $1.827 million of realized losses. Ragnarok also spent $1.9 million on outsourcing work, and $6.9million in salary and compensation for team members.

0xfanfaron stated that he would “compensate the Ragnarok treasury” for trading losses. This will involve returning $600,000.00 from the NFT sale and a payment in 163.8 Ether. He also plans to reduce his NFT compensation by $600,000. In addition, he will take a $200,000 pay cut for the next four-months. Krimbo, another team member, also promised to return $250,000 of his compensation.

0xfanfaron has published a list listing wallets that will be used for the company’s trading losses to increase transparency. He stated that the company still had over $10 million in its Treasury and claimed to have the support of all investors. Ragnarok anticipates launching its first arcade in the next seven months.

Opinion writer on 7trade7