Ragnarok CEO apologizes for losing 12% of startup capital

Ragnarok CEO apologizes for losing 12% of startup capital

A recent blog to your post 0xfanfaron, CEO of NFT gaming project Ragnarok, has publicly apologized for his missteps in leading the company. 0xfanfaron, CEO of crypto startup Ragnarok, which brought in $15.5 million in Ether for game development in April with its first NFT sale, said:

“We traded the ETH at press time for 15.5 million USD Coins. As it turns out, this was a good move in treasury management. However, when the ETH price dropped, I made some mistakes by repeatedly buying ETH when I thought it was an advantageous investment for the project.”

0xfanfaron further detailed that the company is selling its Ether positions through multiple transactions with a plan to reinvest in a better time. The venture in question resulted in a loss of $1,827 million. Other expenses Ragnarok made during this period included $1.9 million for outsourcing development work, as well as $6.9 million for team members’ salaries and compensation.

0xfanfaron said it will “balance the Ragnarok treasury for all trading losses.” This balancing will be done with a $600,000 refund from the NFT sale, a 163.8 Ether payment, and a $600,000 reduction in NFT compensation, as well as a $200,000 salary cut for the next four months. Another team member, Krimbo, promised to return $250,000 of his salary.

For greater clarity, 0xfanfaron has released a list of wallets that will be used to offset the firm’s trading losses. He pointed out that the firm still has more than $10 million in its treasury in order to move forward, and claimed that he has the full support of investors to continue his role as CEO. Ragnarok also plans to launch its first arcade in the next seven months.

Soruce : https://tr.cointelegraph.com/news/nfts-gaming-ceo-apologizes-for-losing-12-of-startup-capital-through-crypto-trading

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