Evmos (EVMOS) announced that its co-founder, who owns the 34 million wallet and left the company, is trying to sell 500,000 EVMOS on Osmosis, a decentralized exchange.
The co-founder, who owns a vesting account containing 34 million EVMOS tokens, left the company earlier this year due to "operational mismatch" and "disputes about accountability and reliability," according to a series of tweets from Evmos' official Twitter account.
The wallet has a four-year linear vesting period with an initial lock-in period of one year; This means that the co-founder will not be able to access or sell the tokens until next year.
However, the wallet has delegated over 11.5 million EVMOS altcoins to validators on the network, making it the largest delegate on the network.
The Evmos team said they were aware of the co-founder's attempt to sell 500,000 EVMOS tokens on cryptocurrency exchange Osmosis and are actively working with him to transfer the tokens back to the Evmos Foundation. They also said that this did not affect their financial operations or ways of working and they remained committed to their mission, vision and roadmap.
They announced that they hope to overcome this challenge together as a community and will continue to build and develop their platforms.
*Not investment advice.