The Cosmos Hub, a blockchain network aiming to be the “internet of blockchains,” has been rocked by the ouster of the co-founder and general manager of Atom Accelerator DAO, a crypto cooperative that has distributed millions of dollars to support the Cosmos ecosystem.
Several Executives Departing at Cosmos
The dispute that led to the removal of Youssef Amrani centered around the issuance of performance bonuses to Atom Accelerator employees. Following a unanimous vote on September 25th, Amrani was dismissed from his position, effective September 30th.
Atom Accelerator, endowed with millions in cryptocurrency, has a dual mission: to promote the Cosmos Hub blockchain and its native ATOM token. Despite investing over $6 million in grants to more than 80 organizations, the ATOM token has experienced a significant decline of nearly 60% since January 1st, prompting concerns and soul-searching within the Cosmos community.
Amrani’s ouster has triggered a broader reckoning within the cooperative. Co-founder Ryan Orr has declined to take on a leadership role, suggesting either disbandment or the need for a new leader with a focus on community renewal. Other key members, including communications head Syed Choudhury and controller Patricia Mizuki, have also announced their departures.
The cooperative has received a legal demand letter from an unnamed former contributor, alleging wrongful dismissal and defamation. Additionally, Atom Accelerator will conduct a review of grants awarded during Amrani’s tenure to investigate potential favoritism or nepotism.
In December 2023, the Cosmos Hub’s validators approved the allocation of nearly 1 million additional ATOM tokens to Atom Accelerator to fund its efforts for 2024. An additional 100,000 tokens were designated for performance and retention bonuses.
