J'ai reçu un mail de Michael Chu, ancien CEO fraîchement viré :
Dear Midas Valued Investors,
I am Michael Chu, author and founder of Midas Protocol. Few days ago, an investor forwarded me an email in which it informed I am fired and no longer be CEO of Midas Protocol. I am accused of serious violation of Code of Conduct. My silence may lead to misperception of acceptance, therefore, I decided to express my opinions.
As you may notice, I no longer appear in all Midas group chat since 25th October. Without your knowing, my accounts have been stealthily removed from Midas Telegram Global & Vietnam groups, Midas Blog, Midas/Vinex Facebook page, GDrive, even my email (michael@midasprotocol.io) has been reset. On top of that, I am stopped by violence from stepping in MidasProtocol workplace in Hanoi, Vietnam, where the dev team locate and work under my supervision. More than 50% of Midas developers quit job after my incidence to show their objections, which might be mistold that I am soliciting after being forced to resign. Unfortunately, I have no control over their decisions.
I would like to recap Midas Protocol ownership and management structure for you to understand. Besides me as author and founder, there are five co-founders, four of them are named on the official website and one is not. The four mentioned are Mr. David Nguyen (CFO), Mr. Philip Phung (CMO), Mr. Phan Phi Long (COO), and Mr. Ngoc Nguyen (CTO). The first three are very closed and run many businesses together including Regulus and Vietcham. The hidden co-founder is Mr. Alexander Nguyen, a friend of Mr Ngoc Nguyen. We incorporated Midas Core Private Limited in Singapore to carry out Midas Protocol ICO and mutually agreed that I own 25%, Regulus (Mr. David Nguyen, Mr. Philip Phung and Mr. Phan Phi Long) own 45%, Mr. Ngoc Nguyen and Mr. Alexander Nguyen each owns 15%. Mr. Alexander authorized Mr. Ngoc to represent his ownership at Midas core, resulting in a record of 30% for Mr. Ngoc in shareholding certificate. All six shareholders serve in Board of Directors. Although Mr. Alexander Nguyen has not engaged in building the product, he still has ownership in Midas Core and serves in BOD thanks to his fund raising of 1300ETH from Coinbar (he later received kickback of 200ETH as commission).
Back to the accusation, they (represented by Mr. David Nguyen) claimed that I have seriously violated the company’s code of conducts and that I have been planning for something else over the past 2 months. That allegation is rather unreasonable because Midas Protocol is my brainchild project, and I am also the biggest single individual shareholder in Midas Core. MidasProtocol is not only my personal brand name but also my source of wealth when it becomes successful. I am the one who has the strongest motivation to work for it, not anyone else. During my tenure as CEO until the day I could not enter my office, I have pursued best conducts and endeavored my energy and effort for MidasProtocol without fail. Furthermore, when I asked them the reasons, they could not provide any solid supporting arguments. One main point they rely on is that my name appears in a stablecoin project named Endur.io. In my opinion, exchanging ideas and supporting good projects help me stay tuned in a fast-moving industry as technology, especially blockchain, and that practice will never compromise my time and effort for MidasProtocol. With Endur.io stablecoin project, I even think of good ways to further promote MAS token holding and liquidity, however still too early to disclose. Please bear in mind that the accusation comes from Mr. David Nguyen and his fellows, who are doing many other things else for their 100% own companies.
I suspect that all the disputes stem from the fact that I require transparent and full disclosure in finance and accounting of Midas Core, as well as clear authority in the company. As we all know, blockchain companies are in grey area of regulation. Midas Core is no exception. Midas Protocol project called for funds from community through ICO, in which investors worldwide contributed their funds in form of cryptocurrencies. Core team hold cryptocurrencies in a multisig wallet then sell those cryptos for fiat and inject fiat to a legal entity to pay for resources and develop Midas Wallet as promised. That legal entity (Midas Core) is 100% owned by core team, while the money came from investors. Ironically, we need prerequisite trust to build trustless application. In order to maintain public confidence, I request highest standard of financial disclosure by firm, followed by regular audits by a reputational auditor. However, I was CEO but could not access bank accounts or check balances of Midas Core. Five months have passed after ICO but still there is no clear and full statement of money spent to provide for investors. The more I ask for transparency, the more I am ill-treated. Now I leave that task for you, real owners of the project.
I also doubt their authority in firing me. The one that possesses that power should be you, Midas investors. I planned to present the dispute to community and call for an on-chain vote, but they stopped me from doing so by removing me from all channels. I am now too tired that I want to put an end to this. Last note on the status: I am negotiating the transfer of my ownership at Midas Core Pte. Ltd. with the rest co-founders. Once the deal is closed, I will update the result at the following group: https://t.me/midasprotocolcommunity. In the meantime, if there is anything that you need to verify, you can find me there.
I am very upset to say goodbye. It is originated a good project, I would be happy if they can develop it better. Nevertheless, in case it turns scam, I disclaim my responsibility with MidasProtocol because it is no longer under my direction.
I wish you health and success.
Truthfully,
Michael Chu
les vietnamiens sont impressionés car le co fondateur de Ccoc qui est vachement connu au vietnam nous a rejoins.
