Odaily Planet Daily News Syscoin, a 10-year-old crypto project, is about to face leadership changes. Key members of the Syscoin Foundation (a non-profit organization) 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 the financial wallet was solely controlled 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 on financial transparency and the use of foundation funds. SYS Labs CFO O'Shea said the foundation manages funds in accordance with the charter, with an average monthly operating cost of between $200,000 and $300,000. However, Bradley Stephenson, a member of the foundation's board of directors, said that Syscoin network development has stagnated and SYS Labs has delivered almost no 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. (Decrypt)