2022-11-24 04:20:37
TM Official Statement on Resignation of 3 AnalystsDear Token Metrics Family,
We are writing this statement to explain the events that unfolded this week regarding Golden Retriever and the Token Metrics (TM) team.
On November 5th, 2022, we posted a video on YouTube about a project called Golden Retriever (GLDN). This video did not conform to Token Metrics standards and analytical research methodology. For these reasons, it was taken down. Token Metrics is more than just an analytics platform. It was founded to provide an investing framework through grades and indicators with proven machine learning and AI models. We created these frameworks to ensure our valued customers and community get our unbiased, data-driven opinion on crypto assets.
Here are the facts based on conducting an internal investigation of the Token Metrics staff on the Research team that were involved in the matter: William (Bill) Noble (Senior Market Analyst), Daniel Elfving (Market Analyst), and Jacob Koch-Gallup (Market Analyst).
After investigating with our legal team, we concluded that these research team members violated internal guidelines for selecting crypto assets to create content on, especially when an analyst owns the asset. While the TM Analysts made some disclosures in the Company's staff disclosure spreadsheet starting September 19th, 2022, they did not disclose the individual conflicts of interest to Token Metrics and our community. A summary of all the events that transpired is as follows.
William Noble informed Token Metrics on November 22nd, 2022, that he was compensated in GLDN tokens for Twitter spaces that equated to 1% of the supply and that he purchased an additional interest in the project. While working with Token Metrics, he worked with Golden Retriever without disclosing the conflict of interest to Token Metrics and the content he was creating. William informed Token Metrics on November 22nd, 2022, that he sold most of his GLDN tokens after making the video that aired on November 5th, 2022, despite predicting it could deliver a 1,000x return on investment.
Jacob Koch-Gallup, a Market Analyst for Token Metrics and moderator for the Token Metrics Astrobot Discord had a conflict of interest as he was a community admin for the Golden Retriever group and also purchased tokens. Jacob is responsible for providing fundamental analysis on projects he believes are worthy of sharing with the Token Metrics community. He did not do fundamental analysis of this project, but the Token Metrics community could have inferred that his participation with GLDN was based on his belief in the fundamental strength of the project. This was also not disclosed to Token Metrics.
Daniel Elfving, another Market Analyst, Token Metrics Astrobot Discord moderator, and Producer for the Token Metrics Market Update, purchased 3% of the total supply of the GLDN token. This was also a conflict of interest not disclosed to Token Metrics.
Once we initiated our legal investigation into this matter on November 22nd, 2022, the three Analysts above all tendered their letters of resignation and are no longer with Token Metrics.
As a company, we will use this mishap as a learning opportunity. It will serve as a launching pad for us to dive deeper into the creation and launch of our Tradingview Indicator and Automated Investor and Trader grades, which are unbiased and do not have any conflict of interest. In addition, we are enhancing our internal controls to avoid such instances in the future.
For any questions, please feel free to reach out to our support team at
[email protected].
Regards,
The Token Metrics Team
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