The Evmos team alleged that co- founder Ashish Khosla has been unloading substantial quantities of the projectโs native cryptoย token since his departure.
Khosla is reportedly tryingย to divest himself of half a Million cryptoย tokens, worth $70,000, through Osmosis, a decentralized exchange within the Cosmos ecologicalย system, reportsย by a thread by Evmos on Twitter.
โWe are aware of the departed co- founder who owns the 34M wallet and has been tryingย to sell 500k EVMOS on Osmosis,โ the team said.
Itโsย notableย that Khosla was originally allotted 34 Million Evmos cryptoย tokens ($4.7 million) on a four-year vesting schedule. This allocation impliesย that Khosla persistsย to receive newly vested cryptoย tokens into his assigned address over this period.
Evmos is a Cosmos-backed blockchainย tech that supports the Ethereumย (ETH) Virtual Machine (EVM). Althoughย while Evmos is accordingย to the Cosmos software stack, it is likewise compatible with Ethereumย (ETH) applications. Aย yearย ago, the team raised $27 Million in a cryptoย token fundraising round led by Polychain Financialย resources. Its development is asย ofย now led by the other co- founder Federico Kunze Kรผllmer.
Khosla has sold 144,000 cryptoย tokens so far, valued at $40,000 at the time of sale, according to on-chain findings from Jessica Huhnke, a Webย 3.0 data analyst and engineer at Otherย side Cryptocurrency. This accounts for a mere 1.5 percent of the total Evmos sold since April 30. Onย theย otherย sideย , other users have sold a combined total of around 9 Million cryptoย tokens, Huhnke found.
Disagreements over accountability
Nevertheless, Khoslaโs sell-offs coincided with a sharp decrease in Evmosโ cryptoย token price. Itsย price has nosedived by greaterย than 50 percent this May, sliding from $0.30 at the beginning of the 30ย days to now $0.14.ย
Khosla left the project owingย to โoperational misalignment and disagreements over accountability,โ the Evmos team stated. They assertย to be actively working with Khosla to transfer the cryptoย tokens back to the Evmos Foundation rather than seeing them sold on decentralized exchanges. Evmos likewise shared Khoslaโs GitHub contributions to the project.
Khoslaโs wallet remains the largest delegator on the Evmosโ network and has staked 11.5 Million ($1.6 million) cryptoย tokens, the Evmos team said.
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Evmos Price Chart | Source: CoinGecko