Matchpool Integrity In Question As Co-Founder Quits Over Funds Handling

Matchpool Co-Founder Yonatan Ben Shimon is yet to respond to accusations he misappropriated funds from the project’s multimillion-dollar ICO.

Matchpool, which uses Ethereum to allow users to build matchmaking resources on the Blockchain, has raised $5.7 mln in a matter of days.

On its Slack channel on Wednesday, fellow co-founder Philip Saunders stated he was leaving the project:

“I have asked internally what is going on with the funds you sent to Matchpool, but have not received a satisfactory answer.”

“Over the last two days 37,500 ETH has been withdrawn from the multisig wallet by the CEO, Yonatan Ben Shimon without any explanation or announcement due to the need for "hedging". Yonatan keeps claiming he's working with Bitcoin Suisse and it's all okay, but so far I haven't seen any evidence of this.”

Blog suggests funds were hedged

A blog post on April 3 said that 10 percent of ICO funds had been hedged due to “volatility” in the price of ETH.

“This decision was made in the interest of the project, our contributors and to protect the raised funding. In the future, we may sell an additional % of Ether into Bitcoin and we will notify this amount when necessary,” third co-founder Max Richardson wrote.

Earlier today, Cointelegraph asked Matchpool for clarification of the situation, and we are expecting the company to answer soon.