{"id":170260,"date":"2023-01-30T07:26:00","date_gmt":"2023-01-30T07:26:00","guid":{"rendered":"https:\/\/precoinnews.com\/?p=170260"},"modified":"2023-01-30T07:26:00","modified_gmt":"2023-01-30T07:26:00","slug":"secret-network-validator-shuts-down-nodes-after-leadership-turmoil","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/secret-network-validator-shuts-down-nodes-after-leadership-turmoil\/","title":{"rendered":"Secret Network validator shuts down nodes after leadership turmoil"},"content":{"rendered":"

A major validator for the privacy smart contract layer-1 blockchain Secret Network has announced that it will no longer provide nodes and support for the network.<\/p>\n

On Jan. 29, major validator Smart Stake announced that it would be shutting down its Secret Network validator nodes on Feb. 21.<\/p>\n

Smart Stake cited \u201ccomplex\/stressful validator operations, cost\/effort of validator ops, and recent events,\u201d as reasons for withdrawing its services.<\/p>\n

Smart Stake is a staking and validator service provider that supports several networks including Crypto.com, Polygon, Cosmos, and until recently Secret Network.<\/p>\n

The move comes amid revelations by Secret Labs founder, Guy Zyskind, regarding the Secret Foundation\u2019s financial transparency. <\/p>\n

On Jan. 28, Zyskind made public allegations that the Foundation and its founder and CEO, Tor Bair, \u201csold a substantial amount of USD worth of SCRT,\u201d \u2014\u00a0 the native token for the Secret Network \u2014 in late 2021. <\/p>\n

\u201cTor cashed out a significant portion of these proceeds,\u201d he alleged.<\/p>\n

Zyskind also mentioned a $4 million inflow for the Foundation in its Q4, 2021 report but no mention of the withdrawal.<\/p>\n

\u201cThis action was not disclosed in any financial reports provided to the community by the Foundation, which was introduced by Tor as a non-profit organization on several occasions.\u201d<\/p><\/blockquote>\n

Bair however provided his version of events on the Secret governance forum on the same day. He stated that the withdrawals were part of his share of vested tokens.<\/p>\n

\u201cInstead of paying out my vested tokens in December 2021, I converted my vested portion of tokens to USD at the OTC price and Secret Foundation distributed these funds as a dividend.\u201d<\/p><\/blockquote>\n

He added that \u201cthis information is verifiable in our 2021 tax filings, which have been previously reviewed by Labs, and I have previously disclosed this information to them.\u201d<\/p>\n

The ongoing internal leadership conflict has rattled at least one network validator provider and the ecosystem\u2019s community.<\/p>\n

Related: <\/em><\/strong>Secret Network resolves network vulnerability following white hat disclosure<\/em><\/strong><\/p>\n

SCRT prices have remained immune from the internal imbroglio, consolidating around the $0.80 level for the past week. However, the token is down 92% from its October 2021 all-time high of $10.38, and way down from Bair\u2019s $7 sale price. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A major validator for the privacy smart<\/p>\n","protected":false},"author":3,"featured_media":170259,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nSecret Network validator shuts down nodes after leadership turmoil - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/secret-network-validator-shuts-down-nodes-after-leadership-turmoil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Secret Network validator shuts down nodes after leadership turmoil - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"A major validator for the privacy smart\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/secret-network-validator-shuts-down-nodes-after-leadership-turmoil\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-30T07:26:00+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/01\/Secret-Network-validator-shuts-down-nodes-after-leadership-turmoil.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/secret-network-validator-shuts-down-nodes-after-leadership-turmoil\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/secret-network-validator-shuts-down-nodes-after-leadership-turmoil\/\",\"name\":\"Secret Network validator shuts down nodes after leadership turmoil - 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