for all trading losses, 0xfanfaron has verified to pay back the firm’s treasury.
for some mistakes in leading the company, 0xfanfaron as the CEO of NFTs gaming project Ragnarok has apologized.
Ragnarok is a crypto startup, from its first sale of NFT in April got in $15.5 million worth of Ether for gaming improvement.
0xfanfaron published :
“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.”
with planning to reinvestment at a better time, he sold the firm’s Ether positions through a series of trades.
The & are 1.827 million trading losses resulting from This investment.
$1.9 million was paid for outsourcing improvement work and $6.9 million in salaries and reimbursement to team members were Ragnarok’s other payments.
compensating will be done by repaying $600,000 from the NFT sale, a fee of 163.8 Ether, and decreasing his NFT compensation by $600,000, along with putting up with a pay cut of $200,000 for the next four months.
Kimbo committed to paying back $250,000 worth of his compensation.
0xfanfaron doing some activity including publishing the wallets that will be utilized to compensate.
also announced that the remaining $10 million in its treasury and having the support of investors in continuing as CEO, will be encouraging.
In the next seven months, Ragnarok wants to start its first game Arcade.