DeFi analytics board DefiLlama is now bound in conflicts between team members with a pseudonymous developer “0xngmi” ending up forking the platform to Llama.fi.
0xngmi tweeted “@Defillama is undergoing a hostile takeover.”
Many of the DefiLlama contributors came forward supporting 0xngmi’s sentiments regarding the token launch. One such contributor, user Tendeeno, detailed about reportedly what went down leading to the fork of the platform.
Tendeeno noted how DefiLlama (DL) was founded by 0xLLam4, and 0xngmi came on to help build it. The contributor stated how 0xngmi is at least 90% accountable for DefiLlama’s current level of success.
Reportedly, 0xLLam4 is aiming to launch a token native to the platform as it specifically didn’t make any revenue. But most of the DL team is against the launch “as the token wouldn’t have value as defillama is not a protocol and tokens *can not* legally be a form of equity.”
Tendeeno claimed that the co-founder of DL declared that they would launch the token with or without the consent of any individual from the DL team.
Because the project’s worth and reputation would be tied to this token, this is being perceived as a hostile takeover of DL.
Meanwhile, 0xngmi noted 0xLLam4 controls both DefiLlama’s Twitter and domain which means “they could announce a token at any time, and essentially hold the team, hostage.” That’s why 0xngmi created a new Twitter account and domain for DefiLlama.
Llama Corp., the parent company of DefiLlama, stated on its Telegram channel: “0xngmi and a few team members have gone rogue, they are actively looking to seize DefiLlama IP and community while inaccurately claiming the rightful owner to be doing a hostile takeover.”
In another statement, Llama Corp. noted “Llama Corp. will continue operating DefiLlama as it has done for the past three years. The actions of 0xngmi are regrettable. We are hoping to resolve things privately and amicably.”
0xLLam4’s Twitter account is currently private, and the co-founder hasn’t put out a statement yet.
0xngmi later tweeted there is no issue of hacking but “only issue is that person controlling domain and twitter is pushing a defillama token while everybody else in defillama team doesn’t want that.”
The community is expecting an airdrop to happen as the other DL employees fear. The Crypto Times will update our readers as the situation unfolds.
Subscribe to The Crypto Times for More DeFi-related Updates!!