Smart Stake Shuts Down Operations
In a surprising twist for the blockchain community, Smart Stake has decided to wave goodbye to the Secret Network. This major validator announced on January 29, 2023, that it will cease its secretive operations on February 21, citing reasons that range from stressful validator operations to some unseen recent drama.
Reasons Behind the Decision
Don’t you just love it when businesses suddenly choose to exit a space? According to Smart Stake, the complex and stressful nature of validator operations on $SCRT, alongside the ever-increasing costs and efforts involved, played a massive role in their decision. It’s like saying, “We love this gym, but the workout is too tough, and the membership fees keep going up!”
The Unveiling of Internal Conflicts
Adding fuel to the fire, the founder of Secret Labs, Guy Zyskind, spilled some serious tea regarding financial transparency—well, more like a boiling pot! He accused the Secret Foundation and its CEO, Tor Bair, of cashing out a substantial amount of USD worth of SCRT back in late 2021, before it all hit the fan.
Allegations and Counter-Allegations
While Zyskind claims that Bair sold off significant SCRT and kept it under wraps, Bair quickly defended himself on the Secret governance forum, stating that these withdrawals were just part of his vested tokens—nothing shady about it, folks! They were basically dividends, and he had tax filings to prove it. Talk about a dramatic plot twist!
Impact on the Community
This drama isn’t just a soap opera for blockchain enthusiasts; it’s a ripple effect that could shake the foundations of the Secret Network community. The internal conflicts are not just rattling validators, but could also scare off potential investors and validators looking to join the fray. Also, let’s not forget the effect on the price of Secret’s native token, SCRT!
SCRT Price Resilience Amid the Chaos
Despite all the turmoil, SCRT has hung around the $0.80 mark—less of a dramatic plunge and more of a slow sink. It’s hard to believe that just a little over a year ago, it was riding high at $10.38. Talk about a roller coaster! But hey, that’s crypto for you—always an adventure!
