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Wednesday, November 30, 2022

Lemon Cash reduces its workforce by 38% and clarifies its relationship with FTX/Alameda

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Lemon Cash rules out that these measures have to do with FTX/Alameda. “This was the way to go and we’ve known it for a while. During the first days of November, after the problems FTX/Alameda were facing became public, Lemon withdrew all user funds and removed them as an option for the Earn service.”

As confirmed to Ámbito, “FTX Ventures had also invested in Lemon during the Series A extension, with a very small percentage. Lemon decided to only leave deposited in Alameda an amount equal to what FTX Ventures invested and they do not expect to recover that investment.”

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And they clarified: “This did not have any impact on users nor does it represent a significant amount to the company.”

Measures to bring peace of mind to users

Last week, Lemon published its “Proof of Funds” and “Proof of Liabilities” certified by an auditor and a notary public. On 11/23 they launched their “Live Reservation Test within the app.”

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This new system allows any user to verify every 10 minutes on the blockchain all the information about the reserves that Lemon has in custody of its users with amounts, networks and addresses.

Soon there will be apassive test” based on cryptography to continue raising the standard of transparency of the ecosystem and a project will be presented so that both tests are a standard in the local industry, taking advantage of the fact that Lemon is part of the Argentine Fintech Chamber. Also, it facilitated access to DeFi solutions by acting as a vehicle for the user to receive weekly crypto earnings in the most secure, stable, and decentralized protocols.

The statement from the CEO of Lemon, Marcelo Cavazzoli

Source: Ambito

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