of Rangarok Its CEO, fanfaron, apologized to users and investors. In a recent blog post, the CEO explained that the project suffered a great loss due to the wrong investments he had made on behalf of the company.
“We converted the $15 million worth of Ethereums we held as funds to USDC. At first glance, this was a perfectly logical move. Then the Ethereum price started to fall. I saw this as a buying opportunity and made partial purchases. However, at the end of the day, unfortunately, the project suffered a great financial loss. I apologize to the investors and users of the project.”
Fanfaron is in losses of approximately $1.8M due to incorrectly valuing project funds. From the vault of the Rangarok project Ethereum It is also known that there is an investment and employee cost of approximately 7.8 million dollars, apart from the damage caused by the trade.
The CEO added that he will personally compensate for the loss caused by the wrong investment decisions he has made.
What is Rangarok?
Rangarok, recently of the metaverse It is one of the largest Web3.0-based game projects that emerged with its popularity. Items in the Rangarok game are a NFT also features.
The game was released in April of this year. Around $17 million worth of funds were raised from investors during the launch of the game.
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