Maker struggles internally, prominent company members forced to leave

26 Apr, 2019 | Updated: 26 Apr, 2019
by Fifi Arisandi
News
Maker struggles internally, prominent company members forced to leave

The company behind Maker (MKR) is struggling internally, a legal letter has been sent to the company by former members that claimed to be forced by the founder to resign.

The past years has been pretty rough for Maker Dao, not only from how their coin (MKR) looks on crypto price watch platform, but also what has been happening internally.

The company has been seeing an internal division due to disagreement over the direction of the company.

Several members of the company, such as former Business Development executive, Ashleigh Schap have joined the Purple Pill faction that aims to prevent the power consolidation around original founder, Rune Christensen.

The faction was “formed” to “fight” against Christensen, who decided to take control of a $130 million development fund. According to The Block, the fund was originally overseen by multiple parties, all of which had their own keys to collectively unlock funds for the organization to use.

In 2018, however, Christensen requested the key holders to surrender their keys to him, so he could “better execute” his vision for the company.

Many questions arose, such as how the funds are allocated, which sparked tension among Maker’s 90+ employees and other community members at the time.

Another damage caused by the dispute was Christensen’s forcing 5 board members of the MakerDAO Ecosystem Growth Foundation (MEGF), which are David Currin, Denis Erfurt, Thomas Pulber, James Reidy, and Kenny Rowe to resign.

All the former board members then united and hired a legal representative, which sent a legal letter to the MEGF earlier this month.

In addition, the former business development executive, Schap, is also considering to sue Maker for $1 million.

Regardless the internal dispute, Maker can be seen of purchasing a broker-dealer license and setting up a for-profit business, which appears to be an alternative-trading system.

Market performance-wise, MKR has seen a major volatility both in price and market capitalization. This year alone, the coin has seen the lowest price of $377 and the highest $766.

How Maker’s dispute will proceed moving forward? Stick with Chepicap to find out.

In the meantime, check out Chepicap's YouTube channel to find out where Bitcoin will go from the current state. 

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