Hey everyone, it’s Yonatan here. In this post I’m going to share proof that:

Funds are safe kept in a cold storage multisig wallet in our possession. We hired a new CTO and will deliver the product as promised. We made the right and responsible decision regarding replacing a team member.

First, I want to say that I’m surprised by the recent comments and very sorry that our previous developer tried to sabotage the project’s success for personal motives. Let’s go ahead and provide the facts regarding what happened, why, and where Matchpool is heading.

Funds are safe — the main concern that Philip posted is that we “stole the funds and ran away” .Here are the facts:

the Ether address:

0x72a7197bBccBe6Ee1E9c688645436Ed06017768A

the bitcoin multisig wallet adress: 392eAQg9FioqDn7T3mqkTu8bcFfux1YJAq

a. One day before the ICO ended, we published a Medium post regarding our risk management strategy. We shared that we are going to protect the funds by selling part of it into BTC in order to not be affected by the volatile ETH price to keep funds safe. Here is that post: https://medium.com/matchpool/matchpool-optimisation-strategy-b9373ae67871

b. We executed our strategy — we sold 37,500 ETH into 1450.66 BTC through an OTC deal in order to not crash the ETH price in the free market. We transfer the funds into a Trezor cold storage and we are planning to sell this part into USD as soon as we will have a bank account. The reason we rushed this was to protect the funds and protect the community’s trust.

Here is the proof the funds are safe and in our possession. This is the Trezor wallet with the right amount in it:

The transactions :

+93.2, -70 ,+42.689 and -66 — Bitcoin was in this wallet as an early investment in Matchpool and was cleared 503.69 BTC was bought on Monday . 586.99 BTC was bought on Monday 187.99 BTC was bought on Tuesday 176 BTC was bought on Wednesday

In total:

1450.66 BTC that we totally sold for 37500 ETH.

Possession of funds:

The Ether held in multisig wallet 3\5 signatures

The Ether are held in a 3-of-5 multi-signature wallet with the following key holders: : 2 with Matchpool, 2 with Stas Oskin from Wings.ai and 1 with Bitcoin Suisse.

The Bitcoin are held in cold storage and are waiting to be converted to USD.

2. The project recruited a new CTO

We have appointed Or Demri the position of CTO. Or specializes in system architecture on Ethereum, and is highly qualified for the role and came recommended by the community. Or won the Consensys NY EtherCamp Hackathon last year, so we’re in a great position to move onward and upward. Or will also inspire other developers in the community to join our future developer platform-DevPool. Matchpool offers developers a chance to create custom matchmaking DApplets that plug into the protocol where they can earn from matchmaking. With the raised funds, Matchpool is also hiring at matchpool.org.

3. Philip’s drama:

At the very beginning, I met with both Philip and Max and offered them to join me in the attempt to create our platform Matchpool. At first Philip was in charge of writing the Whitepaper, Max was dealing with the site, design, and publications, and I took the part of building the team finding resources and initiate the campaign.

Unfortunately, as the project continued and matured we felt Philip’s contribution to Matchpool had been deteriorating. As we approached the ICO, Philip’s job was supposed to be writing the ICO smart contract code.

After Philip had finished his work, we transferred it to Parity for code review. We were then told by them that the code was not “Auditable” contains severe mistakes, written in poor quality and should be written all over again from scratch. And so we ended up hiring guys from Parity to re-write the contract and then we moved it for further checks to Zeppelin.

Despite his clear lack of skills and lack of respect, we decided to continue as usual and recruit additional developers to work alongside Philip.

Soon after the ICO was finished, Philip approached me asked for a share of the total ICO funds. When I told him that such payment is subject to a full-time position as a Matchpool developer and informed him about our intention to recruit additional developers, he reacted the way he did.

To sum things up, here are the facts:

We hedged the ETH and secured it in a cold storage in order to protect all the funds and preserve the value of all raised funds so we can execute and produce Matchpool platform

Although Philip got our full support and backing, we ended up with poor code which forced us to search for other developers

We recruited a better CTO which we are absolutely sure will deliver the best platform to the market

During the ICO, we got a lot of support from our community which eventually summed up to 2370 different participants that trusted us with their funds. We take that very seriously and it is our sole desire to return this trust and provide our initial supporters with the best product and community possible. We will do what ever it takes in order not to disappoint them.

We truly believe that today we are far stronger and a more organized team, and are excited to continue to prove this in the future.

yours,

yonatan