Community Announcement: Securing Funds and Restructuring for Future Success.
Dear Vulcan Community,
This week has come both as a major shock to the Vulcan core team as well as the whole of our community.
Bryan Legend has orchestrated an amount of carelessness in his impulsive actions that have consequently left developers, subcontractors and our entire community extremely anxious and demanding answers. We have since accepted Bryan Legend’s resignation from Vulcan Blockchain.
The team leaders have succeeded in regaining full control of all social media accounts, the Discord server and most importantly, the Sacrificed Funds.
Previously Bryan had direct access to funds with money set aside for the remaining costs of development for SafuuX, which included blockchain development, a DEX and a bridge. Since then we have made significant changes to the protocol enhancing various aspects of the ecosystem including the FixedFlex dApp, PowerPool, OOXY token, native Multisig deployment, Node dApps and Vulcan rebranding.
All funds are now in the possession of a MultiSig under control of OOXY Labs where Bryan no longer has direct access.
To date, the amount spent in development including operational costs for the entire build of the blockchain totals in the range of $6.2-$6.5 million dollars USD.
Bryan Legend has been forthcoming and approachable, and has sent remaining treasury funds to our newly created and secure Gnosis Safe Multi-Sig wallet:
*Please Note: There is a current pending multi-chain transaction to the amount of $150,257 USDT which will be deposited to the treasury wallet address above. The funds are currently sitting in transit via the ETH > BSC Multichain.org router.
We have enough funds to complete the intended blockchain build, pay operating expenses and add liquidity to the $VUL coin on launch, as planned strategically.
We are currently undergoing an internal investigation into the legitimacy of the top Vulcan Sacrifice Wallets. If we can prove beyond reasonable doubt that the origins stem from fraudulent/unethical sacrifice transactions, these wallets will be blacklisted. Owed coin balances of these wallets will instead be sent to the Vulcan FirePit and will not be calculated in the circulating supply.
By conducting this investigational audit, it will empower us to seize this chance to evaluate and enhance our operations, systems, and strategies. We also recognize the need for a comprehensive review of our tokenomics in order to ensure the blockchain’s overall success and practicality. This process will involve other aspects including making it a requirement that the top 25 sacrificed wallets are KYC’d, aiming to create a more robust and sustainable framework that aligns with our initial decentralized community vision and objectives.
There will be a new focus in our marketing going forward which will help to attract developers to our ecosystem, which we feel is of paramount importance in allowing our reach to expand.
We thank Bryan Legend for his vision, insights and hard work with the community he has built, and his willingness to hand over the keys diplomatically. Vulcan Blockchain is built for the community and we encourage everyone to participate in our ecosystem in a friendly and welcoming environment.