NFTs Gaming CEO apologizes for losing 12% of startup capital through crypto trading

cointelegraph.com:

According to a recent blog post, 0xfanfaron, CEO of nonfungible tokens (NFTs) gaming project Ragnarok, apologized publicly for his missteps in leading the company. Ragnark is a crypto startup that brought in $15.5 million worth of Ether for gaming development in April through its first-ever NFT sale. However, a0xfanfaron disclosed:

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 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 Ragnark'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 he will be "compensating the Ragnarok treasury for all trading losses." This will be done via returning $600,000 from the NFT sale, a payment of 163.8 Ether, and reducing his NFT compensation by $600,000, along with taking a pay cut of $200,000 for the next four months. Another team member, Krimbo, also pledged to return $250,000 worth of his compensation.

For greater transparency, 0xfanfaron published a list of wallets that will be used to compensate the firm's trading losses. To move forward, he pointed out that the firm still has over $10 million in its treasury remaining and claims to have the full support of investors in continuing as CEO. Ragnarok expects to