Cardano Stablecoin Startup Ardana Labs Shutters After Execs Allegedly Lost $8M in Investor Funds
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Ardana Labs raised $10M in 2021 for a Cardano stablecoin platform but suddenly closed in 2022.
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According to Xerberus, Ardana executives likely transferred 80% of funds to a personal wallet and lost $4M making bad crypto investments.
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Ardana moved funds through exchanges and wallets in an attempt to obscure transactions before losing money trading on DEXs.
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Approximately $1.8M was spent on development costs and $1.4M remains in a "Treasury" wallet.
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The story highlights the risks of investing in unproven Web3 startups that can lead to huge losses.