Hedge fund manager Arca Holdings is stepping up its campaign to overhaul Gnosis, claiming the decentralized exchange and prediction market platform has deviated from its original mission.
The post describes Gnosis’ $12.5 million 2017 token sale (which valued the project at $300 million) as an “interest-free loan.” After borrowing the money, the team “failed to deliver the products laid out in its fundraising whitepaper,” Arca contends. The products Gnosis created generate value only for its management, Arca claims.
In that article, Köppelmann is quoted as saying Gnosis “had already been working on an alternative path for the GNO token, which we think is much more appealing. Our own proposal includes a Gnosis DAO and gives much more ownership to GNO holders. It will be presented to the community very soon.”
Attempts to reach Gnosis for comment Tuesday were unsuccessful.
Big picture: The situation suggests that in addition to cash and cachet, institutions are bringing activist investing strategies to crypto.
Correction (Sept. 8, 23:20 UTC): An earlier version of this article overstated the proceeds from Gnosis’ 2017 token sale. They totaled $12.5 million, valuing the project at $300 million.