followIn a recent blog post, 0xfanfaron, CEO of the Ragnarok token project NFT, publicly apologized for the mistake of bringing $15.5 million worth of Ether (ETH) into the game in April through the first NFT sale. 0xfanfaron revealed that:
“We sold $15.5 million worth of ETH from NFT sales into USD Coin, which turns out to be a good Treasury management decision. But when the price of ETH fell, we made the mistake of buying ETH several times. I think it’s an advantageous investment for the project.”
0xfanfaron further explains that he sells the company’s Ether through multiple trades with plans to reinvest it. The “better times” led to an actual loss of about $1.827 million, or over $65 million. Ragnarok’s other expenses during that time were $1.9 million for development and $6.9 million. Dollars are salary and compensation to team members.
0xfanfaron guarantees that he will It “compensates project treasury from all trading losses,” it returns $600,000 from NFT sales, 163.8 Ether payments, and lowers his NFT compensation by $600,000, along with a $200,000 write-off for the next four. The next month, with Krimbo, another team member pledged to return his $250,000 compensation.
For greater transparency, 0xfanfaron has published a list of wallets that will be used to offset the project’s trading losses. And he pointed out that the company still has more than $10 million in treasury balance and claims it has full support from investors to continue as CEO. Ragnarok is expected to launch an arcade game. first within the next seven months
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