Umami Finance CEO Dumps Tokens, Price Drops 50% in a Day

• Umami Finance CEO Alex O’Donnel has dumped his tokens, resulting in a 50% drop in price.
• The team resigned but is still planning to retain the DAO structure and continue with vault launches.
• UMAMI, the token on the platform, fell 59% in the past 24 hours.

Umami Finance CEO Dumps Tokens

The Umami Finance CEO Alex O’Donnel appears to have dumped his large share of UMAMI tokens, leading to a 50% drop in price.

Umami Team Resigns

The team resigned due to recent actions and statements by the CEO, however they are still aiming to keep up with a DAO structure and launch vaults as planned. CryptoCondom on Twitter has mentioned that he will launch a proposal tomorrow entailing the team’s rehiring as DAO employees.

Umami Compliance Review

On Feb. 2nd, Umami released an update on their evolution protocol where they reviewed their compliance strategy ahead of the planned GLP Vault launch on Mar. 9th. The platform is focused on ensuring optimal regulatory pathways for the vault and UMAMI staking contract.

UMAMI Token Price Drop

UMAMI, the native token on the platform, fell 59% in the past 24 hours to $9.2 at time of writing with its 24-hour volume increasing 422%. Silo Finance recently deployed on Arbitrum network allowing for risk isolation lending markets for any tokens beginning with UMAMI MAGIC and DPX .

In conclusion, due to recent events involving Umami Finance’s CEO dumping his tokens there has been a significant decrease in token value and uncertainty surrounding whether or not they will be able to resume yield payments to stakers but hopefully this issue can be resolved soon so that users can continue benefiting from this project’s services.

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