Hedge fund manager Arca is stepping up its campaign to overhaul Gnosis, saying the decentralized prediction trading and marketplace platform has strayed from its original mission.
The post describes Gnosis’s symbolic $ 12.5 million sale in 2017 (which valued the project at $ 300 million) as an “interest-free loan.” After borrowing money, the team “failed to deliver the products stated in their fundraiser. [white paper]», Argues Arca. The products created by Gnosis only generate value for its management, says Arca.
In this article, Köppelmann is quoted as saying that Gnosis “had already worked on an alternative path for the GNO token, which we found much more appealing. Our own proposal includes a DAO Gnosis and gives much more ownership to GNO holders. It will be presented to the community very soon.
Attempts to reach Gnosis for comment on Tuesday were unsuccessful.
Big picture: The situation suggests that in addition to money and fees, institutions provide activist investment crypto strategies.
Correction (September 8, 11:20 UTC): An earlier version of this article overestimated the proceeds from the 2017 Gnosis token sale. They totaled $ 12.5 million, valuing the project at $ 300 million.