Evmos Foundation Recovers $7.6 Million in Tokens from Departed Co-Founder

  • The Evmos Foundation’s successful recovery of 59.4 million tokens from former co-founder Akash Khosla highlights a strategic initiative to realign token distribution.
  • The undisclosed agreement between Khosla and the foundation adds an element of confidentiality to this pivotal development.

In an exclusive report, it has been revealed that the Evmos Foundation has successfully reclaimed 59.4 million tokens, equivalent to $7.6 million, from former co-founder Akash Khosla, who departed from Evmos. This move is anticipated to realign the distribution of tokens within Evmos, fostering a more cohesive and balanced structure among the current team and contributors.

The decision for the token return stemmed from an incident in May 2023 when Evmos claimed that Khosla had attempted to sell significant quantities of Evmos’ native tokens on the market, raising concerns about his departure. The returned tokens, comprising both vested and unvested amounts, consist of 32 million tokens previously allocated to Khosla and the remaining unallocated team tokens.

Khosla expressed that his choice to return the tokens is motivated by the best interests of the project and its community. He stated, “This is the best outcome for the project and community, ensuring that EVMOS tokens are in the hands of those actively contributing to the project’s growth and development.” The specifics of the agreement between Khosla and the foundation for the token return remain undisclosed.

The departure of Khosla from Evmos in the previous year was attributed to operational disagreements. Currently, the project’s development is overseen by Federico Kunze Küllmer, the director of the Evmos Foundation.

Evmos, a Cosmos-backed blockchain compatible with Ethereum apps, garnered attention in November 2022 when it raised $27 million in a token round led by Polychain Capital.

The initiative to reclaim the tokens aligns with the broader efforts of the Evmos community to enhance the project’s tokenomics, particularly addressing the high inflation that contributed

Token Realignment at Evmos: A Strategic Move Towards Stability

The successful recovery of 59.4 million tokens, valued at $7.6 million, from departed co-founder Akash Khosla marks a pivotal moment for Evmos. With a focus on realigning token distribution for a more cohesive structure, the move reflects a commitment to the project’s growth and development. As Evmos navigates challenges and undertakes initiatives to stabilize its token’s value, the return of tokens from Khosla underscores the resilience and strategic vision of the project’s leadership. The crypto community watches closely as Evmos continues to shape its future in the evolving landscape of blockchain technology.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Mehar Nayar

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