Here is why NFTs gaming project Ragnarok CEO apologizes publicly! A few days ago, 0xfanfaron, the CEO of the NFTs gaming project Ragnarok, apologized publicly for his mistakes in crypto trading. On August 29th, 0xfanfaron was back on Twitter to address the issue.
A few days ago, 0xfanfaron, the CEO of the NFTs gaming project Ragnarok, posted a public apology for his mistakes in crypto trading. 0xfanfaron revealed that initially, Ragnarok did not plan to operate its finances publicly, which is why they were unwilling to share its full accounting. After consulting with advisors, they realized transparency is necessary to the community. It is also one of the reasons they decided to disclose some information in the apology statement.
0xfanfaron wrote, “I want to first own and apologize for the trading losses. We exchanged the ETH from the mint originally to 15.5m USDC. As it turns out, this was a good move in treasury management.”
However, 0xfanfaron made a mistake by buying multiple ETH when the price went down, thinking it would be a good investment for the project. Then, along with the plan to reinvest in a better time, 0xfanfaron sold the firm’s position in ETH several times. Unfortunately, this led to losses of approximately $1.827 million.
0xfanfaron Gives More Explanation
Not long after 0xfanfaron posted the statement on Twitter, the community started to comment on his apology, and asked for more explanation on compensation. In the apology statement, there are several compensations that they have to pay.
On August 29th, 0xfanfaron took to Twitter to immediately respond to the criticism by explaining the compensation in more detail. 0xfanfaron ended the explanation by saying sorry for the lack of communication.
Understandably there has been a lot of criticism following my statement, and I want to be clear about where we stand with compensation and policy going forward.
— fanfaron (@0xfanfaron) August 29, 2022
Since the latest explanation, people in the community have been actively responding to the matter.