According to Odaily Planet Daily, the 10-year-old crypto project Syscoin is about to face leadership changes. The main members of the Syscoin Foundation plan to resign and establish a new entity, Syscoin Red, to restore transparency and trust in the project.
Willy Ko, a member of the foundation's board of directors and treasurer, said there was a lack of transparency in the use of foundation funds, and that the financial wallet was controlled solely by SYS Labs CEO Jagdeep Sidhu. Matthew Mappin, a former SYS Labs business development manager, pointed out that the community questioned Sidhu, Michiel Naring, and Chris O'Shea regarding financial transparency and the use of foundation funds.
SYS Labs CFO O'Shea said that the foundation manages funds according to the charter, and the average monthly operating cost is between 200,000 and 300,000 US dollars. However, Bradley Stephenson, a member of the foundation's board of directors, said that the development of the Syscoin network has stagnated and SYS Labs has hardly delivered any applications.
Syscoin, which had a market value of $775.3 million in January 2022, has now fallen to about $80 million. Insiders say the management team lacks experience and direction, hindering Syscoin's strong position in the market.
