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Protocol for decentralized finance Umami Finance is in turmoil since the project’s destiny is unknown to the locals.
According to Discord chats viewed by CryptoSlate, a number of the Umami crew quit in an effort to bring the project “back towards decentralization and a DAO structure.”
According to the conversations, the protocol’s CEO Alex O’Donnell dumped his tokens on retail holders; this was validated by blockchain security company Peckshield.
On-chain data reveals that over 10,000 UMAMI tokens were purportedly dumped at the CEO’s address in the last day for thousands of dollars over many transactions.
As of the time of publication, Umami CEO O’Donnell has not responded to CryptoSlate’s request for comment.
The protocol’s treasury assets were said to be secure and in the jurisdiction of people who would follow the Umami DAO, according to the Discord discussions.
The Umami coin will have the same revenue claim as stated, and the company intends to proceed with a DAO framework and release vaults as scheduled.
It was referred as as a “institutional-grade DeFi yield” product on the UMAMI official website. With the help of the protocol, users might profit from cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC).
The most recent update, for December 2022, showed a net loss of $67,172.
We want to be ready for the several looming negative triggers that might send the markets farther below.