On-chain researcher ZachXBT shares leaked messages of SolChicks workforce, undertaking responds
Contents
- The right way to lose $20 million: “Do you will have a method for UST?”
- Enterprise restructured, no day buying and selling, diversified portfolio: Catheon Gaming responds
ZachXBT, an nameless researcher well-known for his insights and investigations, shared various newly leaked screenshots with alleged messages between the CEO and COO of SolChicks, one of the overhyped video games on Solana (SOL). It appears like they determined to cover an excessive amount of from their buyers.
The right way to lose $20 million: “Do you will have a method for UST?”
Per the screenshots, when TerraUSD (UST) began de-pegging, over $20 million from SolChicks’ treasury reserves have been put in Anchor Protocol (ANC), a now-defunct yield farming machine on collapsed blockchain Terra (LUNA).
Newly leaked messages between the @SolChicksNFT @CatheonGaming CEO and COO present the undertaking misplaced as much as $20m of treasury funds as a result of UST implosion in Could 2022 and determined to not inform the neighborhood. pic.twitter.com/srzDV19Cpr
— ZachXBT (@zachxbt) November 15, 2022
On Could 12, 2022, Lewis Grafton, COO of SolChicks, opined that cash from the treasury was invested in “a single Ponzi scheme that’s mid collapse.” The undertaking’s CEO William Wu really helpful that his colleague get again to capital elevating points.
On the similar time, Mr. Wu privately admitted that he had no thought the right way to get better $20 million from a collapsing protocol as he “will not be day-trader.”
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Consequently, solely $400,000 (or 2% of the preliminary quantity) have been taken out of the protocol. This dramatic occasion was by no means disclosed to most people. Nevertheless, Mr. Grafton knowledgeable ZachXBT that the “largest non-public holders” have been conscious of their losses. However the workforce determined to not make “a public announcement” to keep away from “unnecesary issues dangers.”
Enterprise restructured, no day buying and selling, diversified portfolio: Catheon Gaming responds
Shortly after ZachXBT’s publications, Catheon Gaming, the workforce behind SolChicks and different blockchain-based video games, launched an official assertion. It claims that the messages are out of context and the whistleblower’s actions “trigger actual hurt.”
We strongly condemn unhealthy actors leaking confidential firm data to generate publicity.
These actions trigger actual hurt and make a mockery of the folks working numerous hours to innovate and push the trade ahead.
Our full response👇AMA at 1pm UTC later at present. pic.twitter.com/FMgbiZgiAc
— Catheon Gaming (SolChicks + 25 others) (@CatheonGaming) November 16, 2022
Concerning the problems talked about, the workforce admitted that a part of its portfolio was injected into Anchor Protocol (ANC), however the funds have been allotted in a diversified method. Additionally, as Catheon Gaming is neither a public firm nor a DAO, it has no obligations to share confidential monetary data with anybody.
Additionally, the platform has restructured its enterprise. Catheon Gaming doesn’t handle customers’ funds, has no money owed and isn’t concerned in day buying and selling operations.
As coated by U.Right now beforehand, dozens of messages about Solana-based initiatives with 96-99% worth losses have been faraway from SBF’s Twitter.
