Rajarshi Mitra
Independent Analyst
- MakerDAO CEO asked five Board members to resign.
- It is unknown if any or all of the five named have actually been removed.
Coindesk obtained a letter was issued on April 1st from an attorney representing five board members of the MakerDAO Ecosystem Growth Foundation (MEGF). The stated that they were being compelled by the CEO Rune Christensen to hand in their resignation.
MakerDAO controls approximately 30% of the existing MKR tokens. The board members are responsible for handling funds associated with the development of the network.
Apparently, the recent re-composition of the of MEGF’s board of directors sparked agitation within the firm. The Legal letter issued by the attorney Andrew Pullinger of the Cayman Islands law firm Campbells unveils the cause of the disagreement.
CEO Christensen is alleged to have ordered the board members to “resign or be replaced as directors on the basis of wrongful allegations that our clients had engaged in a ‘conspiracy’ and breached their fiduciary duties as directors.”
The letter names David Currin, Denis Erfurt, Thomas Pulber, James Reidy and Kenny Rowe as the five board members who were given the notice to resign. On asking about the credibility of the letter Mike Porcaro, MakerDAO’s Head of Communications, replied:
“With an ever-changing business landscape, it’s expected that the Maker Economic Growth Foundation may experience the occasional growing pain as we work to support the MakerDAO project. In accordance with our mutually agreed upon foundation documents and procedures, changes to board were recently made.
Out of respect for privacy and confidentiality, we will not provide additional comment.”
The letter states:
“Our clients can only be removed as directors in accordance with the laws of the Cayman Islands and the Articles of Association. The CEO is unable to act unilaterally to remove directors. We, therefore, invite the CEO and the executive team to discuss these issues so as to explore whether there is a means of resolving them by agreement..Our clients reserve all of their rights."
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?