Umammi Finance CEO Is Reported Dump His Token Causing $UMAMI Plummet

The CEO of Umami Finance, Alex O'Donnell (DefiAlpha), is reported sold his $UMAMI token. A conversation in the Umami discord channel shows the team has resigned today from Umami Labs LLC due to the founder's action. The protocol's treasury assets are safe and in control of the team.

The team plans to move forward with a DAO structure and release vaults as planned with the Umami token having the same revenue claim as promised. The team also claimed that Umami DAO retains control of both the code base including vault products and the front end.

Umami Finance is a DeFi protocol that offers yield vaults for risk-hedged real yield on crypto assets like USDC, BTC and ETH. The project is one of the major players building the $GLP risk neutral vault, $GLP is the derivative protocol GMX's liquidity token.

$UMAMI, the protocol's token, has seen an over 50% sharp drop to $7 following the news and has now recovered to $13.