Langgam Pos - In January 2024, Chinyere Nnadi, the founder and CEO of the African cryptocurrency exchange Mara, launched a new entity called Jara. This move followed the collapse of Mara, which reportedly lost around USD 16 million out of the USD 23 million raised from investors in 2022—a significant loss equivalent to IDR 261.3 billion, based on the exchange rate of IDR 15,657 per USD.
According to a report from Bitcoin.com on Thursday, August 22, 2024, Nnadi attributed the failure of Mara to the high salaries paid to attract top talent, which he claimed drained the company's resources. Techcabal's report further revealed that USD 9.1 million, or approximately IDR 148.6 billion, was spent on salaries, bonuses, and benefits for Mara’s 130 employees.
However, former executive colleagues of Nnadi, who left Mara in 2023, accused him of launching the new entity, Jara, to avoid responsibilities related to Mara's obligations. These unnamed executives also blamed Nnadi for the downfall of Mara, which reduced its workforce by 85% in June 2023. Mara justified these layoffs by stating that only redundant roles were eliminated.
At the time, some former employees argued that Mara’s escalating marketing costs forced the exchange to make significant workforce reductions. Meanwhile, investor reports indicated that Nnadi continued to defend the high salaries as necessary to attract the best talent.
In another concerning revelation, a former unnamed executive disclosed that a quarter of Mara’s 4.5 million verified users were fake accounts. This surge in fake wallets was allegedly fueled by financial incentives offered through the company’s referral program.
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