Statement on Misappropriation of Umami’s Assets & False Claims by Former Employees
On Feb.8, a group of former Umami Labs employees violated their employment contracts by stealing Umami Foundation’s $4m+ treasury of digital assets as well as virtually all of Umami’s intellectual property, including its GLP Vaults.
Tuesday, February 14th 2023
On Wednesday, Feb. 08 2023, a group of Umami Labs employees resigned from their positions. In their roles with Umami Labs, these employees held the keys to treasury assets on behalf of the Umami DAO Foundation. Upon their resignation, these individuals were legally required to return their keys for the multisig treasury to Umami Labs and to forfeit access to treasury funds.
However, these individuals violated their employment contracts by stealing Umami Foundation’s $4m+ treasury of digital assets as well as virtually all of Umami’s intellectual property, including its GLP Vaults. These assets now exist outside of the legal structure that is managed by Umami Labs on behalf of Umami Foundation.
These individuals are no longer affiliated with Umami DAO Foundation, Umami Labs, LLC, or any other Umami entity. They are acting solely on their own initiative. Any documents, statements, or snapshots, including the ‘Umami DAO’ snapshot published on Monday, Feb. 13, are non-binding attempts to retroactively justify their prior illegitimate activity.
These individuals have subsequently made numerous false public statements, purportedly on Umami’s behalf, in an attempt to discredit Umami’s CEO, Alex O’Donnell.
On Feb. 08, Alex O’Donnell liquidated his personal $UMAMI holdings in order to be able to spearhead the recovery of these stolen treasury funds. The priority of Umami Labs and Alex O’Donnell is the recovery of the stolen treasury funds and IP. To be clear, Alex is trying to recover the Umami treasury for the DAO, from those who absconded with it in violation of their obligations to Umami Labs.
Umami Labs urges its former employees to consider the illicit nature of their recent actions. It is open to an amicable solution if they promptly return the stolen assets and correct their defamatory claims.
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