Nostra CEO resigns days after NSTR token launch

Nostra Finance CEO David Garai resigned on June 28, 2024. The former CEO announced Richard Thomas-Pryce as the new head of the firm. Garai also rebuffed claims linking his resignation to the newly launched NSTR token. 

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David Garai posted on X announcing his resignation. In the post, he mentioned that he wanted to take a brief break, which, as the post revealed, was his first break in four years. Garai announced his departure from Nostra just days after Nostra released the NSTR token. Following his resignation, Thomas-Pryce became the new head of Nostra.

NSTR token dips after Nostra CEO resigns

Following the resignation news, the NSTR token plunged nearly 6%. At the time of writing, it is trading at $0.093, having declined from $0.21 to its current value. 

The firm released the NSTR token on June 17th. During the launch, the token’s entire supply was fully unlocked. The company announced the token on June 4th, intending to reward early adopters via an airdrop.

Nostra issued 100 million NSTR tokens. The firm allocated 11% of the tokens for community airdrops, preserved 14% for future airdrops, and 25% for the treasury. Investors and the Nostra team got 26.2% and 23.8% of the total allocation, respectively. The company announced that the NSTR tokens did not have a vesting period. 

Garai’s resignation raises suspicions and discussions

Garai’s resignation raised concerns as X users wondered why the CEO wanted to take a break just after launching the token. In his response, Garai said he had not sold any tokens, and that the claims surrounding his resignation were complete nonsense.

 “To those who are trying to make a connection between the unlocked launch and my resignation: this is complete bullshit. I have not sold a single token and do not plan on doing so.”

-Garai

Garai took pride in his team’s achievements. According to Garai, they managed to establish Nostra as the most profitable protocol. The former CEO also applauded his team for making Nostra the largest protocol on Starknet.

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The former CEO noted that the project made $180 million in total value locked (TVL). Garai added that the project earned $2.5 million in a year. The former boss noted that the company intends to expand its product suite. Garai also stated that the firm would venture into STRK liquid staking. The ex-CEO assured everyone that the company would also launch Nostra Earn in the future. Garai expressed his confidence in the new CEO, assuring stakeholders that the firm will achieve its set goals.

Nostra Finance provides various Decentralized Finance (DeFi) services, including lending, swapping, borrowing, and bridging of cryptocurrencies and digital assets. Nostra claims it intends to be the “best crypto app,” promising to effectively manage all crypto needs within a single application.

Cryptopolitan reporting by Collins J. Okoth