Insider: Major members of L1 Project Syscoin Foundation plan to resign and form a new entity.

Odaily Planet Daily News According to informed sources, due to mismanagement and lack of financial transparency, the early L1 project Syscoin is expected to undergo a leadership change in the next few days. Key members of the Syscoin Foundation plan to resign and form a new entity, Syscoin Red. The Syscoin Foundation is a non-profit organization aimed at further developing the project. Sources said there had been an internal dispute over funding allocation between the foundation and another for-profit entity, SYS Labs, which led to internal disarray within the foundation. Willy Ko, a board member and CFO of the foundation, said the new entity aims to restore transparency and trust within the Syscoin community, and to clearly define who controls the project funds. Ko said, “The Foundation’s treasury Wallet is not a Multi-signature Wallet, and Jagdeep Sidhu, CEO of SYS Labs, has sole control. I am concerned about the lack of transparency in the use of Foundation funds.” At the peak in January 2022, the total market value of the native Token SYS of the project was about 7.753 billion US dollars. According to CoinGecko data, this number has fallen to slightly less than 80 million US dollars. (Decrypt)