The project is Ragnarok Meta. They launched the NFT minting in April and got $15,500,000 as treasury.
Since then the project update has been slow. They regularly update their twitter, but practically showing nothing.
In 27th August, the founder comes clean with how much money spent. He wrote:
Basically here's the breakdown:
- 1.8M loss in trading crypto
- 1.9M to pay outsource developer. Yeah they outsource all the development work.
- 6.9M for salary and compensation. They intentionally spread it to not look big, but "core member", "founder", and "co-founder" include the same few people.
- 423k to buy back their NFT.
So within 4 months, they are taking 6.9M into their own pocket. That while only delivering JPEG NFT and some concept graphic.
If you wonder how they lost 1.8M, this is from the blog post:
He also mentioned he will reimburse the treasury for trading losses. But he already took way more as salary anyway:
And crypto detective Zachxbt already on alert, he replied this to the founder (Fanfaron) tweet:
Some of the reply said it the best:
Submitted August 28, 2022 at 10:22PM by evelynvee https://ift.tt/XDJ9QFr https://ift.tt/RFLATyd
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