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- Umami Finance CEO dumps all tokens after week-long drama.
- The price of Umami token has plummeted following the news.
- Umami team has assured its customers that they will not abandon them.
According to recent reports, Umami Finance CEO Alex O’Donnell (DefiAlpha) has purportedly sold his stakes in UMAMI Finance. This is due to the DeFi protocol’s decision to cease until regulatory clarity is sought, as well as the team’s departure from Umami Labs.
Following the release of this information, the share price of UMAMI has decreased by 36.62 percent in the past twenty-four hours, and it is now trading at $11.41.
This attracted a lot of attention as individuals started to voice their worries, and one of the users, going by the name VelaBull, revealed his issues and went on to warn Umami users that it was high time for them to move from UMAMI tokens to Vela Exchange. He also shared his concerns with other users.
Umami has set itself up as an institutional player in the DeFi market, and it offers yield packages that are exactly what banks and other financial institutions need. These products included low-risk investment strategies that provided higher returns than centralized financial platforms, which are subject to stricter regulation. Deposits made in Bitcoin (BTC), Ether (ETH), and USD coin were all expected to be eligible for these reductions.
Despite this, the Umami team has assured its customers that they will not abandon them, as their assets are safe and under the watchful eye of the multisig, which will obey the command of the Umami DAO and the token holders.
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