Today the Umbrella Network announced that it acquired US-based Lucidity, the blockchain advertising solution. However, what was not mentioned in the announcement is that the founder of the ‘community owned’ Umbrella Network and the founder of Lucidity are one and the same, Sam Kim. To be clear, Umbrella has a token, so this is a detail that token holders would like to know. The token price rose significantly before the announcement.
That’s not to say it isn’t a good deal. For all we know, it might be. But there appears to be a conflict of interest. Umbrella responded to our queries by saying it was not using tokens for the acquisition nor money from selling tokens. Coindesk reported the deal was worth tens of millions.
We pointed out that the tokens are meant to include ‘governance’ and asked if the community was consulted. The spokesperson’s response was, “the deal will close upon community approval and we are looking to put it to a vote with community council in the coming weeks and rolling out community based governance in the next few months.”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
