According to Odaily, the decade-old cryptocurrency project Syscoin is set to undergo significant leadership changes. Key members of the Syscoin Foundation, a non-profit organization, plan to resign and establish a new entity called Syscoin Red to restore transparency and trust within the project. Willy Ko, a board member and financial director of the foundation, highlighted issues with the transparency of fund usage, noting that the financial wallet is solely controlled by SYS Labs CEO Jagdeep Sidhu. Former SYS Labs business development manager Matthew Mappin also pointed out community concerns regarding financial transparency and the use of foundation funds by Sidhu, Michiel Naring, and Chris O'Shea. SYS Labs CFO O'Shea stated that the foundation manages funds according to its charter, with monthly operating costs ranging between $200,000 and $300,000. However, board member Bradley Stephenson expressed concerns about the stagnation of Syscoin network development, noting that SYS Labs has delivered few applications. Syscoin's market capitalization, which peaked at $775.3 million in January 2022, has now fallen to approximately $80 million. Insiders attribute the decline to the management team's lack of experience and direction, which has hindered Syscoin's strong market position.