The Algorand Foundation is likely the worst run foundation or something worse…

Algorand Foundation has to be one of the worst run I’ve seen. I can’t even begin to understand why they do these unless they’re purposely trying to lose the money and dumping to friends/family/business partners.

They trusted and did deals with Three Arrows Capitol. Anyone in crypto knows not to deal with 3AC, something to the tune of 50 million US and tanking the price of Algo

https://np.reddit.com/r/CryptoCurrency/comments/w21o6w/the_algorand_foundation_has_filed_a_claim_against/

Algorand Foundation lost another 35 million trying to yield a bit on a really unknown platform Hodlnaut

https://cointelegraph.com/news/algorand-foundation-outlines-35m-exposure-to-crypto-lender-hodlnaut

That’s almost 90 million they threw away or gave to friends, on some crazy risk. If you lose on a business end to something unforeseen maybe that is sensible. But would anyone trust 3AC with $20 much less tens of millions? Would anyone hold 35 million on Holdnaut an exchange no one has heard of, unless their friend, family, partner made them some kind of deal?

I didn’t read too much on their new deal but damn you can’t make such bad decisions unless there’s something else going behind closed doors. That or this foundation is incompetent.