SYS Labs CEO Resigns on Accusations of Poor Management

Odaily Planet Daily News: Syscoin, a 10-year-old cryptocurrency project, is about to face a leadership change. The main members of the Syscoin Foundation (non-profit organization) plan to resign and establish a new entity, Syscoin Red, to restore project transparency and trust. Willy Ko, a member of the board of directors and financial director of the foundation, stated that there is a lack of transparency in the use of the foundation's funds, and the financial wallet is solely controlled by Jagdeep Sidhu, CEO of SYS Labs. Former SYS Labs Business Development Manager Matthew Mappin pointed out that the community has raised questions about Sidhu, Michiel Naring, and Chris O'Shea's financial transparency and use of foundation funds. SYS Labs CFO O'Shea stated that the foundation manages its funds in accordance with its charter, with an average monthly operating cost ranging from $200000 to $300000. However, Bradley Stephenson, a member of the foundation's board of directors, stated that the development of the Syscoin network has stagnated and SYS Labs has delivered almost no applications. Syscoin had a market value of $775.3 million in January 2022, but has now fallen to approximately $80 million. Insiders say that the management team lacks experience and direction, which hinders Syscoin's strong position in the market. （ Decrypt ）