According to a recent blog post, 0xfanfaron, CEO of nonfungible tokens (NFTs) gaming project Ragnarok, apologized publicly for his missteps in leading the company. Ragnarok is a crypto startup that brought in $15.5 million worth of Ether (ETH) for gaming development in April through its first-ever NFT sale. However, 0xfanfaron disclosed:
"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 further elaborated that he sold the firm's Ether positions through a series of trades with the plan to reinvest at a "better time." The venture led to $1.827 million in realized losses. Among Ragnarok's other expenses during that time were $1.9 million paid for outsourcing development work and $6.9 million in salaries and compensation to team members.
0xfanfaron vouched...
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