According to Decrypt, the 10-year-old crypto project Syscoin is about to face leadership changes. The main 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 that the financial wallet was solely controlled by SYS Labs CEO Jagdeep Sidhu.
Matthew Mappin, former SYS Labs business development manager, noted that the community questioned Sidhu, Michiel Naring, and Chris O'Shea regarding financial transparency and 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 once had a market value of $775.3 million in January 2022, but has now fallen to about $80 million. Insiders say the management team's lack of experience and direction has hindered Syscoin's strong position in the market.
