Statement on Feb. 15, 2023
The group of individuals calling itself ‘Umami DAO’ had no right to take treasury funds and IP for its own use. The Snapshot vote they have put forward is not legally binding and places current multisig holders at immense risk of personal liability.
Wednesday, February 15th 2023
Having received questions from the Umami community, we wanted to clarify and expand on some points relating to our previous statement.
The group of individuals calling itself ‘Umami DAO’ had no right to take treasury funds and IP for its own use. The Snapshot vote they have put forward is not legally binding.
The individuals in question are not now, nor have they ever been, members of Umami DAO Foundation. Umami has relied entirely on full-time, contracted employees of Umami Labs, LLC, to manage its treasury’s multisig wallets, manage administrative permissions for its smart contracts, and build and market its products.
The ex-employees’ administrative-access to Umami’s treasury and smart contracts was solely a function of their employment with Umami Labs, LLC. Each of them signed employment contracts, which they are now in breach of.
We have seen proposals to add new signers to Umami’s multisig wallets, effectively transferring control of the assets in question. Doing so would place the current multi-sig holders at immense risk of personal liability. They already breached obligations to Umami Labs by retaining control of the multi-sig and other IP after resigning their positions, and they are now operating outside the protection or authority of any legal entity.
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