TechFlow news — According to an official Discord announcement by Umami, a risk-hedging yield protocol on Arbitrum, its CEO Alex O'Donnell (@DefiAlpha) has dumped his UMAMI tokens. Due to the founder's actions, the team has today resigned from Umami Labs LLC. The protocol’s treasury assets are reportedly safe and remain under the team’s control.
In addition, the team plans to move forward with a DAO structure and will launch the yield product pool as scheduled. The functionality of the UMAMI token will remain as previously promised, and Umami DAO retains control over the codebase, including the yield product pool and frontend.
According to data from Coingecko, the UMAMI token dropped as low as $7.06 today and has since recovered to $10.46, with a 24-hour decline of 52.79%.Original link
