The official policy is that team members may not sell more than 1% of their holds, as listed up above.
In this tx, you can see that Ryan has sold 1.4million ERSDL in one transaction, in one day, in direct violation of unfed policy.
I politely request that anyone from the team please drop the pretense that this isn’t him, as this is verifiable through transfers from his personal wallet which is listed on the image first posted. So please don’t beat around the bush.
The unfed team makes transparency a talking point, yet they never announce these sells (which they poorly attempt to hide)and when asked in official channels about them, their only reply is to block/kick community members out of discord. Both a direct violation of policy, and an outright dishonest lack of transparency.
I believe this was one of the wallets that was heavily looping liquidity on the protocol during launch as well, really would love to see a mod or ryan speak on these. Im sure an easy excuse would be its not listed as the defacto ryan wallet there for it is not beholden to the limit but there must be a reason transfers occur between ryans and this one. Im glad I never bought a tumbler at this point
To the team. Please be better people and address this. Show why [FFBWW] is right or wrong or confirm you are at least looking into it, please do not continue baning people who are concerned about unfederal reserve
The policy allows for exceptions to the 1% or $25k one-time cap, and I know personally, I have a Q4 estimated personal tax bill due 1/11 that’s going to run around $50k (fyi, i have the funds set aside to cover). We have a strict work-life balance policy, and encourage folks to completely disengage when on PTO. Therefore, I hesitate to bother Ryan when he’s taking one of very few moments to refuel. Generally speaking, nothing on its face seems to be an issue. Odd timing, but it’s a personal choice, and that’s about it.
Cheers, and yes, I appreciate the acknowledgement that our project is more transparent than 90% of the other crypto projects out there (and probably 100% of the publicly traded companies out there!) Sorry for the delay in responding as I see the first post came up here about 3hrs ago. Not bad, but we can improve.
@daemon, please note that vague comments like that draw folks away from other priorities to respond. It’s okay, but please more considerate going forward by reading the source doc first. Here is the part of the policy to which I’m referring… Please check out the whole Medium article when you get a chance, and demand your other crypto projects be as transparent with its exec’s use of tokens! Have a great night.
" II. Leadership Wallet Policy
"Howard Krieger, Ryan Medlin and Kevin Thompson will:
— Never liquidate more than 1% of their tokens in any 24-hour period.
— Will seek internal approval before making any liquidation worth more than $25,000 in a 24-hour period via confirmed email from at least one other member of the leadership team."
with all being above board with internal approval should this transaction have been posted on the transparent accounting page on discord ? if the answer to this is no then it should be reviewed. A simple preface to the transaction could have saved a huge amount of FUD and rumour. I understand this is Ryan’s personal wallet and it is his money but as CTO his actions are under the microscope, a preface would have gone a long way.
They cannot confirm nor deny because ry guy is out of the office. They cannot even confirm or deny if that is a bad actor on “ryans” alleged wallet. Very interested in any email confirmation with other senior team on the possibility of this sell/liquidation. The team of integrity seemed to have muddied the waters with this most recent play.
Respectfully, the only vagueness is coming from the transaction itself (selling this much eRSDL without disclosure).
Was this sell of 1.4 million tokens (while on vacation, apparently) approved by multiple team members? Your comments on this thread “nothing on its face seems to be an issue. Odd timing, but it’s a personal choice, and that’s about it.” insinuate that you were kept in the dark by this transaction which is troublesome for the community to hear. Is this the case?
Ok, I’ve had the team look at the transactions all day. We are aware of the movements you may have noticed, and they seem odd. We’re working with Ryan and on his timeline, we’ll have an update. All we know is the on-chain stuff about where the tokens are landing and it certainly merits further investigation. Company funds are safe, and this is strictly a matter limited to Ryan’s personal wallet. More to come.
Have a good night and thanks for your patience, howard
I think you need to post a clear statement about the situation as soon as you have all details. It’s necessary to make clear the “reasons” of the sell and make clear the team position for future movements like that.
We belive in the projet but transparency when the team makes that kind of movement makes things easier always.
We’re still waiting. Hopefully Ryan’s discord hasn’t been hacked.
BTW, I cannot emphasize this enough howie, from the community’s perspective, if it was ryan selling, it is an absolutely HORRENDOUS look dumping 1+ mill ersdl in a market sell (in an inefficient manner with high slippage at that, directly through Bancor as opposed to using an aggregator like Unidex that optimizes the sell by routing multiple liquidity sources) after the coin has already had a 98% draw down.
If the team doesn’t have enough confidence in the project that they dump more than 16% of their holdings at the absolute (potential) bottom, how the hell are we supposed to?
Actions speak louder than words, and the overwhelming message from the unfed team is that we can get f#cked. You treat liquidity in the token like it’s your personal piggy bank. Disgusting. I don’t think at this point that any trust from the community can be restored.