In a recent blog post, CEO of the nonfungible tokens (NFTs) gaming project Ragnarok, 0xfanfaron, apologized for the mistakes he made while running the company. Ragnarok is a crypto startup that held its first-ever NFT sale in April. This raised $15.5 million worth of Ether (ETH) for game development. 0xfanfaron, however, said:
“We exchanged the ETH from the mint for 15.5 million in USD Coin. As it turns out, this was a good move in treasury management. But when ETH’s price went down, I made mistakes by buying ETH multiple times when I thought it was an advantageous investment for the project.”
0xfanfaron went on to say that he sold the firm’s Ether positions through a series of trades with the plan to reinvest at a “better time.” Losses of $1,827,000,000 were made because of the business venture. During that time, Ragnarok also spent $1.9 million on outsourcing development work and $6.9 million on salaries and other payments to the team.
Ragnarok has become something greater than the idea I had a year ago. I own the mistakes I've made and I'm committed to building an enduring company. For my team, and for you. https://t.co/7B133ceOVH
— fanfaron (@0xfanfaron) August 26, 2022
0xfanfaron promised that he would “make up for all trading losses in the Ragnarok treasury.” This will be done by giving back $600,000 from the sale of NFTs in payment for 163.8 Ether, cutting his NFT pay by $600,000, and taking a $200,000 pay cut for the next four months. Krimbo, another team member, also promised to give back $250,000 of his pay.
For more openness, 0xfanfaron published a list of wallets that will be used to make up for the trading losses of the company. To move forward, he said that the company still had more than $10 million in its bank account, and he said that investors wanted him to stay on as CEO. Ragnarok is planning to open its first game arcade in seven months.