SCRT Labs CEO: Proposal To Work With A New Secret Foundation

Key Points:

• CEO of SCRT Labs Guy Zyskind has released a proposal that some community members made serious allegations against Tor and the Secret Foundation.
• SCRT Labs conducted a series of calls with Tor, the organization’s founder, during which it discovered that the Secret Foundation had sold a significant amount of SCRT tokens.
• As a result, Guy Zyskind recommended working with the community to structure a new Secret Foundation.

Guy Zyskind, CEO of SCRT Labs, has published a proposal in response to severe charges made by several community members about Tor and the Secret Foundation over their lack of openness, improper management of finances, and concealment of their genuine financial activities from the public.

During a series of phone contacts with the organization’s founder, Tor, SCRT Labs learned that the Secret Foundation had sold a sizable number of SCRT tokens.

A sizable chunk of these earnings was turned over to Tor as dividends. However, the Secret Foundation, which Tor frequently referred to as a non-profit organization, did not disclose this activity in any financial reports it sent to the community. In particular, the Q4 2021 report shows that Secret Foundation received roughly $4 million in cash, but it makes no mention of this withdrawal.

There may also be more undisclosed financial irregularities, such as an open loan from the Secret Foundation to Alameda or one of its affiliates.

Guy Zyskind thus suggested collaborating with the neighborhood to set up a new Secret Foundation. The initial blueprint the SCRT Labs team suggest is as follows:

• All current funds held by Secret Foundation (In both crypto and fiat) are to be returned to the community and to serve as the basis for a new and improved organization, which will be formed under new leadership.
• The new organization will be comprised of current Secret Foundation employees, along with Secret Agency members, and will be registered as a non-profit and will maintain a transparent and audited activity.
• In the first few months (and perhaps longer – assuming funds permit), this new organization will utilize the funds returned to the community. Long-term, it will submit annual funding requests to the chain with a clear budget, milestones, and asks.
• The team will work with the community to establish a strong Board of Directors, including an executive director, comprised of industry leaders. Similarly, they will look to build a Technical Advisory Board to help steward the network into the Secret 2.0 era.

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