Secret Network Validator Has Reportedly Shut Down The Nodes

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A significant privacy smart contract layer-1 blockchain validator Secret Network has declared that it would stop offering nodes and network maintenance. Major validator Smart Stake reported on January 29 that its Secret Network validator nodes would be shutting down on February 21.

The grounds given by Smart Stake for discontinuing its services were extremely stressful for the validators who would love to work with an iota of peace in their daily lives. Crypto.com, Polygon, Cosmos, and, up until recently, Secret Network are just a few of the networks supported by Smart Stake, a company that offers staking and validator services. The decision was made in response to Guy Zyskind, the founder of Secret Labs, making revelations about the financial openness of the Secret Foundation.

Secret Network Validator Has Decided To Do Away With Nodes

On January 28, Zyskind made claims that the Secret Network’s native token, SCRT, had been “sold a considerable sum of USD worth” by the Foundation and its CEO, Tor Bair, in late 2021. In its Q4 2021 report, Zyskind also noted a $4 million inflow for the Foundation but did not mention the withdrawal.

On the same day, though, Bair offered his version of events on the Secret government forum. He claimed that the withdrawals were a portion of his vested token stake. The ecosystem’s community and at least one network validator provider have been alarmed by the ongoing internal leadership battle.

Prices for SCRT have been unaffected by the internal dispute, settling for the past week near the $0.80 mark. However, the token is significantly lower than Bair’s $7 sale price and down 92% from its all-time high of $10.38 in October 2021.