Dear COPE community, I would like to apologize for the last few days. I empathize. I understand that some of you feel strongly about this situation. I have been acting on feedback from the community. More detail on this below. This event was not a rugpull. I condemn any form of rugpull on any community in the strongest possible terms. As things stand today, unallocated development funds have been transferred to the treasury. The entire treasury remains intact. The products are live and still being worked on by myself and the devs. Even in these tough market conditions we will keep shipping revenue generative products. Why was a portion of the COPE treasury sold? A portion of the COPE treasury was sold to enable continued funding of the development of COPE products. I will describe below exactly what led to this action. To put the action in to context, we must first understand what are the COPE products that are being developed and live today: The overall strategy involves creating revenue generative products. 1. COPE Leaderboard (Live) - this tracks and ranks the calls of top traders. This leaderboard consists of a powerful backend that processes and classifies large volumes of tweets. It also has a realtime frontend as shown in the screenshot below. Both backend and frontend are hosted on a cloud server. Live and accessible here: https://leaderboard.unlimitedcope.com/ Designed and architected in Q2 2021. Dev started in Q3 2021. Went live in: Q4 2021 Devs: 2 core devs. 4 testing and validating COPE Leaderboard Metrics - provide COPE utility: designed and architected backend and frontend in Q4 2021. Dev started in Q4 2021. Went live in: Q1 2022 Devs: 2 core devs 2. COPE Leaderboard Metrics dashboard (Live) - this connects to the leaderboard API and analyses the data to produce metrics about the leaderboard and other powerful functionality: Live and accessible here: https://metrics.unlimitedcope.com/ 3. COPE Leaderboard Call analysis - Proprietary deep call analysis using market pricing and technical indicators. Users must hold COPE in their wallet to access this feature. Live and accessible here: https://metrics.unlimitedcope.com/call-analysis 4. COPE Leaderboard Portfolio - A proprietary algorithm which generates a paper portfolio of tokens from COPE Leaderboard calls. It buys & sells using data from the COPE Leaderboard. Users need to hold COPE in their wallet to access this view. Live and accessible here: https://metrics.unlimitedcope.com/portfolio-view 5. COPE Leaderboard Correlation Matrix: Proprietary TradFi/DeFi Correlation analysis of tokens identified in COPE Leaderboard calls. Users need to hold COPE in their wallet to access this view. Live and accessible here: https://metrics.unlimitedcope.com/corrMatrix/tradFiCrypto 6. COPE Leaderboard metrics API: A rich tokenized API which provides access to these datasets and has the ability to verify a wallets balance on every API call. Individual users and organizations/funds can use these datasets for trading algorithms which want to utilize CT sentiment. Users need to hold COPE in their wallet to access this view. Live and accessible here: https://metrics.unlimitedcope.com/profile 7. COPE Spacedrop command line interface (live and available upon request) - A solana programme that helps the community claim tokens at the same time. The GUI for this product is in development. (1 Core dev. Released Q1 2022) . The bulk distributor, which works differently, was released earlier. 8. COPE Trading pools currently In devnet ( 2 core devs) - A Solana Program currently running in devnet which allows users to deposit and withdraw multiple forms of collateral into a pool that takes actions based on Leaderboard calls. 9. COPE Blockchain games (2 core devs, 1 solana Integration, 1 visual designer) - Part of the community was interested in exploring Blockchain based gaming as another form of COPE utility and revenue generation. In Q2 2021 COPE Shodown was released to the community. Many thousands used COPE to play it with the incentive to win more COPE after completing game levels. The multiplayer version is live in testing, Showdown:Duel with in-game COPE battle-staking, and Duel NFTs for completion. Live and accessible here: https://unlimitedcope.com/play.html visit the COPE discord to get access to the beta. As can be clearly seen, we have been working very hard on shipping products to our community over the last 1.5 years. Without stating the obvious, all these products have a cost to build in parallel, run and support. In early Q2 2022 I realized that we needed to secure more funding for a 12-18 month runway to reduce any future funding requirement pressure. The climate was near impossible to get external funding. I felt an urgent need to protect our product development tracks because without further product development our future looked bleak. I was not able to get funding and as the No’s / delays occurred I decided that another route of funding would be required. As a result I undertook the relevant action. I incorrectly calculated the effect this action would have and for that mis-calculation I am profoundly sorry. It will never happen again. I am thinking deeply about how to help those holders redeem their verifiably liquidated COPE. I will get back to the community with a plan about this in due course. Subsequently the community came together and made some recommendations about the need for a project manager to help with all the deliverables. I have accepted those recommendations. They have also suggested cutting back on some developments. I have agreed to that. My method of communication has been criticized. I accept the criticism and will work with members to improve this significantly. The cut backs to the deliverables will result in more unallocated funds. As a result I have transferred the unallocated funds back to the treasury. I have always wanted a multisig treasury but could not find a suitable solution. The community has helped find a suitable multisig wallet. This wallet technology will have its audit completed by Mid June. If successful, the entire treasury will be allocated to this multisig wallet. We will have 3 additional signatories who will be selected based on community votes. Any request to move funds will require clear rationale that at minimum the signatories agree upon. I hope this detail clarifies my actions. I would like to thank all members of the community who have shown support during this tough time - Thank you. I will continue on with all tracks, taking into account community feedback.
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