“Farcaster just isn’t shutting down” — Dan Romero

• Dan Romero stated he has no intention of shutting down Furcaster.
• Mr. Romero debunked rumors that he used investor funds to buy the house.
• Merkle Manufactory plans to return the $180 million it raised from traders following Farcaster’s transition.

Farcaster co-founder Dan Romero denied rumors that the mission might be shut down. In his newest submit about X, Romero revealed that the decentralized social protocol is at the moment operational and plans to proceed to take action amid latest possession and administration modifications.

Farcaster returns $180 million to traders

In the meantime, Romero famous that Farcaster had 250,000 month-to-month energetic customers (MAUs) final December, with greater than 100,000 wallets funded. He revealed that the mission’s latest proprietor, Neynar, is a venture-backed startup and plans to shift Farcaster in a extra developer-focused route. Romero additionally stated that Farcaster’s developer, Merkle Manufactory, plans to return all the $180 million it raised to traders.

In the meantime, Romero took the chance to debunk a rumor that was being unfold, with many social media customers accusing Romero of exploiting Farcaster traders and utilizing the proceeds to purchase properties. He revealed that he purchased a home with the cash he earned from Coinbase’s IPO when he was working at a cryptocurrency change.

Neiner turns into the brand new proprietor of Furcaster

For context, latest offers embrace an acquisition by Merkle Manufactory, which is able to switch Farcaster’s contracts, code, apps, and clunkers to Neinor within the coming weeks. This comes after a $1 billion Collection A funding train through which the previous raised $180 million, which they determined to return to traders as talked about above.

Many members of the cryptocurrency group have expressed displeasure with the event of occasions surrounding the decentralized social platform, with some critics accusing Romero of orchestrating a deliberate fraud to steal $150 million from traders, an accusation Romero has vigorously debunked as false.

Furcaster’s 5 yr journey

Dan Romero and Varun Srinivasan launched Farcaster in 2020 after the previous left Coinbase. Decentralized social protocols have advanced through the years, each when it comes to technical restructuring and funding. Nevertheless, the state of affairs worsened because the mission failed to satisfy its 2025 objective, resulting in a big decline in consumer numbers and income.

Specifically, some efforts to enhance the community didn’t work out as deliberate till the newest announcement about taking on the mission following the acquisition of Neynar. Many cryptocurrency customers are observing the event of decentralized social initiatives to grasp the true state of affairs.

Associated: Farcaster strikes from social-first ambitions to wallet-first progress plans