Table of Contents

Xerberus, a UK-based Web3 risk management and platform, recently released an investigative report on Ardana Labs, a failed stablecoin platform for the Cardano blockchain which at its peak attracted over $10 million in investments sometime in 2021.

According to the investigative report on Ardana, the project abruptly shuttered in November 2022, citing funding and project timeline uncertainties. While some attributed this to the broader challenges faced during the crypto winter of 2022, the investigation highlights several factors which point to extraneous reasons for its downfall.

In the report, Xerberus alleges that Ardana executives, including CEO Ryan Motovu, siphoned off 80% of the project’s funds into a personal wallet, subsequently making poor crypto investments that resulted in approximately $4 million in losses.

Ardana gained prominence sometime in 2021, securing $10 million from investors, including venture capital firms CFund, Three Arrows Capital (3AC), and

Go to Source to See Full Article
Author: Vince Dioquino

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details