Guy Zyskind, CEO of SCRT Labs, has released a proposal that some community members made serious allegations against Tor and the Secret Foundation, accusing them of lacking transparency and mishandling funds, hiding the true nature of their financial activity from the community.
SCRT Labs conducted a series of calls with Tor, the organization's founder, during which it discovered that the Secret Foundation had sold a significant amount of $SCRT tokens. Tor cashed in a significant portion of these proceeds as dividends. However, this action was not disclosed in any financial reports provided to the community by the Secret Foundation, which was introduced by Tor as a non-profit organization on several occasions. In particular, the Q4 2021 report indicates a cash inflow of about $4 million for Secret Foundation, but does not mention this withdrawal.
In addition, there are potentially other unreported financial irregularities, such as an open loan to Alameda or one of its affiliates by the Secret Foundation.
As a result, Guy Zyskind recommended working with the community to structure a new Secret Foundation.
Governance
Privacy
DeFi
