NFTs Gaming CEO apologizes for losing 12% of startup capital through crypto trading
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According to a recent blog post, 0xfanfaron, CEO of nonfungible tokens (NFTs) gaming project Ragnarok, apologized publicly for his missteps in leading the company. Ragnark is a crypto startup that brought in $15.5 million worth of Ether for gaming development in April through its first-ever NFT sale.
0xfanfaron further elaborated that he sold the firm's Ether positions through a series of trades with the plan to reinvest at a "better time." The venture led to $1.827 million in realized losses. Among Ragnarok's other expenses during that time were $1.9 million paid for outsourcing development work and $6.9 million in salaries and compensation to team members. 0xfanfaron vouched he will be "compensating the Ragnarok treasury for all trading losses."
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