Smart Stake, a major validator concerning privacy smart contract layer-1 blockchain Secret Network, has revealed that it’ll discontinue providing nodes and backing for the network, as reported by Cointelegraph.
According to Cointelegraph, on January 29, 2023, Smart Stake revealed that it’ll implement the move on February 21, 2023. It is believed that Smart Stake mentioned “complex/stressful validator operations, cost/effort of validator ops, and recent events,” as justification for stopping services. Reportedly, Smart Stake is a staking and validator service provider which backs networks such as Crypto.com, Polygon, Cosmos, among others.
On the basis of information by Cointelegraph, Guy Zyskind, founder, Secret Labs, claimed that Secret Foundation and its founder and CEO, Tor Bair, “sold a substantial amount of USD worth of SCRT,” — the native token for the Secret Network — in late 2021. “This action was not disclosed in any financial reports provided to the community by the Foundation, which was introduced by Tor as a non-profit organization on several occasions,” Zyskind stated.
“Instead of paying out my vested tokens in December 2021, I converted my vested portion of tokens to USD at the OTC price and Secret Foundation distributed these funds as a dividend,” Bair’s response to the allegations.
Moreover, Cointelegraph noted that SCRT prices remained at the $0.80 level for the past week. However, the token witnessed a 92% downfall from its all-time high of $10.38 in October, 2021.
(With insights from Cointelegraph)