Trouble in Paradise? Leaked letter suggests infighting among MakerDAO top brass

• MakerDAO CEO asked five Board members to resign.
• It is unknown if any or all of the five named have actually been removed.

Coindesk obtained a letter was issued on April 1st from an attorney representing five board members of the MakerDAO Ecosystem Growth Foundation (MEGF). The stated that they were being compelled by the CEO Rune Christensen to hand in their resignation.

MakerDAO controls approximately 30% of the existing MKR tokens. The board members are responsible for handling funds associated with the development of the network.

Apparently, the recent re-composition of the of MEGF’s board of directors sparked agitation within the firm. The Legal letter issued by the attorney Andrew Pullinger of the Cayman Islands law firm Campbells unveils the cause of the disagreement.  

CEO Christensen is alleged to have ordered the board members to “resign or be replaced as directors on the basis of wrongful allegations that our clients had engaged in a ‘conspiracy’ and breached their fiduciary duties as directors.”  

The letter names David Currin, Denis Erfurt, Thomas Pulber, James Reidy and Kenny Rowe as the five board members who were given the notice to resign. On asking about the credibility of the letter Mike Porcaro, MakerDAO’s Head of Communications, replied:

 “With an ever-changing business landscape, it’s expected that the Maker Economic Growth Foundation may experience the occasional growing pain as we work to support the MakerDAO project. In accordance with our mutually agreed upon foundation documents and procedures, changes to board were recently made.

Out of respect for privacy and confidentiality, we will not provide additional comment.”

The letter states:

“Our clients can only be removed as directors in accordance with the laws of the Cayman Islands and the Articles of Association. The CEO is unable to act unilaterally to remove directors. We, therefore, invite the CEO and the executive team to discuss these issues so as to explore whether there is a means of resolving them by agreement..Our clients reserve all of their rights.”