The Evmos team alleged that co- founder Ashish Khosla has been unloading substantial quantities of the project’s native crypto token since his departure.
Khosla is reportedly trying to divest himself of half a Million crypto tokens, worth $70,000, through Osmosis, a decentralized exchange within the Cosmos ecological system, reports by a thread by Evmos on Twitter.
“We are aware of the departed co- founder who owns the 34M wallet and has been trying to sell 500k EVMOS on Osmosis,” the team said.
It’s notable that Khosla was originally allotted 34 Million Evmos crypto tokens ($4.7 million) on a four-year vesting schedule. This allocation implies that Khosla persists to receive newly vested crypto tokens into his assigned address over this period.
Evmos is a Cosmos-backed blockchain tech that supports the Ethereum (ETH) Virtual Machine (EVM). Although while Evmos is according to the Cosmos software stack, it is likewise compatible with Ethereum (ETH) applications. A year ago, the team raised $27 Million in a crypto token fundraising round led by Polychain Financial resources. Its development is as of now led by the other co- founder Federico Kunze Küllmer.
Khosla has sold 144,000 crypto tokens so far, valued at $40,000 at the time of sale, according to on-chain findings from Jessica Huhnke, a Web 3.0 data analyst and engineer at Other side Cryptocurrency. This accounts for a mere 1.5 percent of the total Evmos sold since April 30. On the other side , other users have sold a combined total of around 9 Million crypto tokens, Huhnke found.
Disagreements over accountability
Nevertheless, Khosla’s sell-offs coincided with a sharp decrease in Evmos’ crypto token price. Its price has nosedived by greater than 50 percent this May, sliding from $0.30 at the beginning of the 30 days to now $0.14.
Khosla left the project owing to “operational misalignment and disagreements over accountability,” the Evmos team stated. They assert to be actively working with Khosla to transfer the crypto tokens back to the Evmos Foundation rather than seeing them sold on decentralized exchanges. Evmos likewise shared Khosla’s GitHub contributions to the project.
Khosla’s wallet remains the largest delegator on the Evmos’ network and has staked 11.5 Million ($1.6 million) crypto tokens, the Evmos team said.
Evmos Price Chart | Source: CoinGecko