Fanfaron, CEO of NFT game developer Ragnarok, said in a statement that it lost about $1.82 million by embezzling funds from the project’s treasury to buy Ethereum multiple times.
Fanfaron claimed that his original purpose of doing this was to diversify his assets, and he wanted to take the opportunity to buy more ether through multiple transactions when the price of ether was falling.
Fanfaron also defended its actions because Ragnarok was a startup, not a DAO (Decentralized Autonomous Organization), and had no plans to disclose its financials, but recognizing the need for transparency and trust in community feedback and advisor guidance, it published its Lose investment and apologize.
Fanfaron promised that he would repay all his losses in the vault with Ragnarok. Fanfaron said he will continue to serve as CEO after discussions with the company’s investors and will improve the money management process.
He also said more than $10 million in project funding is currently remaining, which will be used for development and tax payments to advance future plans.