- This change is in response to recent disclosures about the Secret Foundation’s finances.
- Smart Stake has announced that it would no longer be providing its services.
A significant layer-1 privacy smart contract validator, the Secret Network has said it would stop providing nodes and support for the network. One of the largest validators, Smart Stake, declared on January 29 that it will stop operating validator nodes for the Secret Network on February 21.
Smart Stake has announced that it would no longer be providing its services. Due to “complex/stressful validator operations, cost/effort of validator ops, and recent events.” As a further note, Smart Stake is a validator and staking service provider that supports the Secret Network with Crypto.com, Polygon, and Cosmos.
Allegations Against Top Executives
This change is in response to recent disclosures about the Secret Foundation’s finances. Made by Guy Zyskind, the creator of Secret Labs. Zyskind made public charges on January 28 that the foundation and its founder and CEO Tor Bair “sold a substantial amount of USD worth of SCRT,” the native token for the Secret Network, in late 2021.
He said that a substantial percentage of these revenues was “cashed out” by Tor. The withdrawal was not reported in Zyskind’s Q4 2021 report, which also noted a $4 million influx to the foundation.
The Foundation, which Tor had previously presented as a non-profit organization. Did not disclose this activity in any financial records released to the community. Bair, on the other hand, posted his account of the day’s events on the Secret governance forum. He claimed that the cash-outs came from his portion of vested tokens.
At least one network validator provider and the ecosystem community have been shaken by the continuing internal leadership battle.
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