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Evmos, a leading project in the Web3 ecosystem, recently made a concerning revelation. It came to light that one of the co-founders, who has since departed, is in possession of a wallet holding approximately 34 million EVMOS tokens. The wallet’s activities have raised alarms as it attempted to sell 500,000 EVMOS tokens on the Osmosis platform.

Furthermore, the departed co-founder staked over 11.5 million EVMOS tokens, becoming the largest staker within the Evmos network. In response to this situation, the Evmos Foundation has taken proactive measures to address the potential impact on network stability and credibility. Their primary goal is to secure the staked tokens and facilitate their return to the Evmos Foundation.

The Evmos Foundation’s Response

Recognizing the urgency of the matter, the Evmos Foundation is actively engaging with the departed co-founder. Their intention is to establish a cooperative dialogue that ensures the secure transfer of the staked tokens back to the foundation. By proactively addressing this issue, the foundation aims to prevent any potential disruptions to the Evmos network.

The Evmos Foundation understands the importance of maintaining stability and credibility within the Web3 ecosystem. They are committed to safeguarding the interests of the Evmos community and fostering trust among participants. By taking assertive actions, they are demonstrating their dedication to upholding the project’s values and principles.

A Broader Issue in the Web3 Ecosystem

This incident involving the departed co-founder and the Evmos project shines a light on a broader concern within the Web3 ecosystem. It raises questions about the prevalence of projects favoring their owners and friends, which troubles many participants in the decentralized space. The decentralized nature of Web3 projects is meant to promote fairness, transparency, and equal opportunity for all participants. However, instances like these challenge the fundamental principles upon which Web3 is built.

Participants in the Web3 ecosystem are seeking a decentralized future that empowers individuals and eliminates the centralized control that exists in traditional systems. They believe in a level playing field that does not discriminate based on social connections or personal interests. Therefore, projects like Evmos, which are committed to addressing such challenges head-on, play a crucial role in advancing the Web3 movement.


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