TechFlow news, Guy Zyskind, founder and CEO of SCRT Labs, the core development team behind the privacy-focused blockchain Secret Network, has accused the Secret Foundation and its founder Tor Bair of lacking financial transparency and mishandling funds. Specifically, he alleged that in late 2021, the Foundation sold a large amount of SCRT tokens—particularly through over-the-counter (OTC) transactions—resulting in approximately $2.5 million in losses. This incident was not reported for over a year and a half, during which SCRT Labs claims to have been completely "in the dark."
SCRT Labs has proposed collaborating with the community to establish a new Secret Foundation, and demands that the current Secret Foundation return all its existing funds—both cryptocurrency and fiat—to the community. The proposed new organization would consist of current Secret Foundation staff and members of the Secret community, be registered as a non-profit entity, and maintain transparent, audited operations.Source link
