Ragnarok Meta CEO Apologizes for Losing Part  of Startup Capital Through Crypto Trading

The CEO of non-fungible token (NFT) game project Ragnarok, 0xfanfaron, has issued a public apology for his leadership mistakes in a recent blog post. Ragnarok crypto startup raised $15.5 million in Ethereum for the creation of video games in April through its first-ever NFT sale. 

The firm's Ether investments were sold by 0xfanfaron through a series of trades, with the intention of reinvesting at a "better time." The venture resulted in realized losses of $1.827 million. Other costs incurred by Ragnarok at that period included $6.9 million in team member pay and benefits, as well as $1.9 million for the outsourcing of development work.

"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 disclosed.

"Compensating the Ragnarok treasury for any trade losses," 0xfanfaron pledged. This will be accomplished by returning $600,000 from the NFT sale, making a payment of 163.8 Ether, cutting his NFT remuneration by $600,000, and forgoing a $200,000 pay cut for the next four months. Krimbo, a different team member, also promised to reimburse $250,000 worth of his compensation. 

In addition, a list of wallets that would be used to compensate for the firm's trading losses was provided by 0xfanfaron for greater transparency. He also emphasized that the company still had over $10 million in its treasury and that he had the support of all investors to continue as CEO. Ragnarok plans to launch its own gaming arcade within the next seven months.

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