2022-02-18 19:42:09
Dear community,
I guess the time has come for the message that I wish I never had to send.
Last night, around 2am UTC a large bag with $26k worth of CATGE tokens have been sold by a wallet belonging to our new head of marketing.
This was part of something that dates back to November 4th.
I will tell you the whole story, which also comes with the reason why it was taking longer than expected to launch the projects.
Back in November, a new head of Marketing reached out to one of our admins with the intention to invest 100k into the project.
He claimed he noticed us on CoinMarketCap after the coin pumped, and got excited about the projects.
We had an almost all-afternoon long conversation where I was explaining the projects, and he started giving many hints about marketing, and how to market the project properly.
At that point, since JB left his role as head of marketing, and it was just me and the agency left, I proposed him to put the funds into a wallet instead, and use those funds to relaunch the coin.
He got really excited, he slowly funded a new marketing wallet (which address has been publicly shared during the AMAs) with 180k, and started planning a new roadmap and working with agencies to design newly reimagined apps for our future wallet app, dApp etc.
Everything was going smoothly, slower than anticipated, but the quality was really good, and we were all happy about the way it was going
I’m gonna share here the link to the Figma we were using to redesign the dApp
https://www.figma.com/file/zNdLGivQ6Aho7sWQ6m6QUU/CatgeSwap-Drafting?node-id=0%3A1
And you probably already saw all the smart contracts that were developed and deployed for the dapp, so we were literally just a frontend webpage short.
The original plan was to have also the wallet app ready, and then plan a big relaunch and release everything at the same time.
The wallet app was going to be really fancy, with the aim to compete with the bigger centralized exchanges for what concerns attracting all the new crypto investors (make DeFi easy and for everyone).
And that’s the part of the development that was taking quite longer.
We all thought it was worth it.
In late January, things started to tip over. Some users probably noticed that the liquidity pool, that hosted about 620 BNB, was “drained” down to 195.
This was due to some investors from the Galaxy project that invested in the liquidity pool back in July, financing over 1000 BNB to relaunch the V2 (by the way, for those who remember, we said “from our own pockets” back then, because Galaxy really was a co-founder de facto in our view).
Those investors unfortunately cashed out their positions from the liquidity pool.
(Mr. Maisto can confirm this, and that the investors from Galaxy sold at a loss)
This move obviously set off our new head of marketing, who started asking for access to the marketing wallet (the one he sent his 180k to).
At that point we began dealing with him in order to send him back part of his investment, and he would send us back part of his tokens to “re-equalize” our positions (we weren’t doxxed to each other, but we had his 153k and he had 40k worth of tokens. If he cashed out we would buy back).
Unfortunately we took a wrong decision. He left, therefore, after we gave him back 113k and he gave us back half of his tokens (18.4 trillion out of 36.8), he then cashed out and left the project.
At that point we put $26k back in the coin, to make up for the drop.
It’s not enough. I know. And this is kinda offsetting to everyone.
Despite our efforts for almost a whole year, I have to admit that we haven’t been able to reach our goals.
What I can tell you for sure is that we tried as hard as we could, all the time.
Anna
1.0K viewsAnna Jean, edited 16:42