Umami, the Arbitrum ecological DeFi protocol, stated in an official Discord announcement that its CEO Alex O’Donnell (@DefiAlpha) sold his UMAMI tokens. As a result of the founder’s actions, the team has resigned from Umami Labs LLC today.
The protocol’s treasury assets are said to be safe and under the team’s control. The team plans to advance with a DAO structure and release a fund pool of income products as planned. The function of Umami tokens will be the same as previously promised.
The team also claims that the Umami DAO retains control of the code base including the yield product pool and front end.
According to Coingecko data, the UMAMI token fell as low as $7.06 today, a 58.4% drop in 24 hours.