Klaytn Foundation’s CEO expresses disappointment in Kracker Lab’s massive KLAY Token sale

By Tsunami On Mar 9, 2023

Kaytn Foundation’s CEO, Seo Sang-min, has expressed his disappointment in Kracker Lab’s massive sale of KLAY Token. On March 9, Seo apologized to the Klaytn community and said that the Foundation was aware of the incident at the same time as the community. The controversy surrounding the mass sale by Kracker Lab began to surface on March 8, after CoinSagwan Academy’s operator, Byun Chang-ho, revealed related transactions.

Seo said, “We take this issue very seriously and are seriously discussing measures and prevention of recurrence.” However, he did not mention why the Kracker team used the ‘mixer’ technique to hide coin sales, or whether they used internal information related to the Foundation’s Talknomics redesign.

In a post to the community related to the Talknomics redesign, Seo mentioned a “prohibition on the use of internal information” and said, “All members of Klaytn Foundation and Crust Universe have pledged not to use internal information for transactions. We have added an additional pledge to the Talknomics redesign proposal.”

This incident raises concerns about insider trading and the need for transparency in the cryptocurrency market. The Foundation has yet to provide further updates on the matter.

Klaytn is a public blockchain with a primary focus on the metaverse, gamefi, and the creator economy, has emerged as the dominant blockchain platform in South Korea since its official launch in June 2019. With its international base in Singapore, the blockchain is now actively expanding its global presence through various business initiatives. To support this expansion, Klaytn has established the Klaytn Growth Fund, managed and disbursed by the Klaytn Foundation, a non-profit organization based in Singapore that was founded in August 2021. The aim of the fund is to foster the growth of the Klaytn ecosystem and its affiliated businesses.

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