Ragnarok CEO apologizes for losing 12% of startup capital, vows to compensate treasury

Ragnarok Gaming CEO 0xfanfaron apologized publicly for his missteps in leading the company which led to $1.827 million in realized losses.

Among his moves was to buy 15.5 million worth of ETH thinking it was an advantageous investment.

0xfanfaron further elaborated that he sold the firm's Ether positions through a series of trades with the plan to reinvest at a "better time."

During that time, Ragnarok spent $1.9 million on outsourcing development work and $6.9 million on salaries and compensation for team members.

0xfanfaron pledged to "compensate the Ragnarok treasury for all trading losses" by returning $600,000 from the NFT sale, making a payment of 163.8 Ether, and reducing his NFT compensation by $600,000.

He would also be taking a $200,000 pay cut for the next four months.

0xfanfaron published a list of wallets that will be used to compensate for the firm's trading losses to increase transparency.

The firm still has over $10 million remaining in its treasury.

Ragnarok expects to launch its first game arcade within the next seven months.