Stars Arena, a SocialFi platform, announced on October 31, 2023, that KookCapitalLLC has been relieved of his duties as a team member. The platform also stated that it is transitioning to a new team without the presence of any former members.
In a post on X Kook, said that he is resigning from Stars arena with a heavy heart and wished the team the best of luck.
The reason for KookCapitalLLC’s departure, in his own words, is due to “serious issues with management and direction for some time.”
The company has not announced a replacement for KookCapitalLLC, and it is unclear who will lead the company going forward.
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The departure of KookCapitalLLC is the latest in a string of setbacks for Stars Arena. The company has been struggling to attract users and retain its existing ones. It is also facing increasing competition from other SocialFi platforms.