SCRT Labs Founder: The Secret Foundation Lacks Financial Transparency, Suggests Establishing a New Foundation

2023-01-30 08:01:40

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ChainCatcher news, Guy Zyskind, the founder and CEO of SCRT Labs, the core development team of the privacy public chain Secret Network, accused the Secret Foundation and its founder Tor Bair of lacking financial transparency and mishandling funds. At the end of 2021, a large amount of SCRT was sold, particularly regarding the management of funds in over-the-counter transactions conducted by the foundation, resulting in a loss of approximately $2.5 million. This incident went unreported for a year and a half, and SCRT Labs was "unaware" of it.

It is reported that SCRT Labs proposed to collaborate with the community to establish a new Secret Foundation and requested the Secret Foundation to return all current funds (cryptocurrencies and fiat currencies) held to the community. The new organization will be composed of existing staff from the Secret Foundation and Secret members and will be registered as a nonprofit organization, maintaining transparent and audited activities. (Source link)

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