The multichain metaverse mission, NetVRk, is on the heart of an inside feud with claims that a number of senior management group members misappropriated investor funds for private acquire.

Daniel Kennedy, the previous CEO of NetVRk, took to Twitter utilizing the corporate account to ship tweets which have since been deleted. One Twitter person, proven beneath, captured screenshots of the allegations.

Kennedy claimed that “truth is a defense to slander” as he has been “verbally abused” by NetVRK founders Michael Katseli and Linus Chee. Further, he said that Katseli “illegally used Netvrk’s bank account deposits to qualify for [a] mortgage loan” on a private multi-million greenback home.

The now-deleted tweets additionally allege that Chee and Katseli have “defamed [Kennedy] by making untrue statements.”

Crypto advertising specialist Thony Nava summed up neighborhood sentiment across the tweets, saying that “headlines like this… It’s really not encouraging for the decentralized dream.”

The NetVRk group responded to Kenney’s claims by posting on its official Telegram group. It denied “any wrongdoing” and stated the funds used to buy the home had been acquired via a mortgage issued by “parent company” MetaRabbit LTD.

“Daniel Kennedy has accused me of misappropriating investor funds. I strongly deny any wrongdoing.

In May of this year, in order to purchase a home, I requested and received a $1,000,000 loan from MetaRabbit LTD, the parent company responsible for our offshore digital asset issuances.

These funds were proceeds of a sale of NFTs and were not the proceeds of any investment activities of MetaRabbit or any other part of the greater NetVRk corporate structure.”

The NetVRk group continued to state that the tweets had been ” inappropriate, unprofessional, and probably damaging to the entire mission.” The $NTVRK token is down roughly 30% previously 24 hours alongside the scandal.

Source: CMC

Chee, co-founder and present COO, alleged that Kennedy stole funds from NetVRk however clarified that:

“He didn’t steal most of the funds. [NetVRk] definitely has running capital to continue and deliver as planned.”

No additional details about the character of the allegations of theft is offered at the moment due to pending authorized issues.

People shut to NetVRk who’re conversant in the incident advised CryptoSlate that Katseli’s mortgage is “above board” and there’s “no risk to investor funds.” They requested that their identification stay non-public for authorized causes.

However, when requested what the official rationale for Kennedy’s elimination was, a NetVRk consultant was unable to remark and stated:

“The Company does not comment on HR decisions. We wish Dan the best with his future endeavors and thank him for his service to Netvrk.”


CryptoSlate is involved with the NetVRk group and can replace the story as additional data comes to mild.

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