Nouns DAO invested $150,000 in canned baked beans project, but the funds are still unknown

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According to The Block, three years ago, the Nouns community approved a proposal to invest 135 ETH (approximately $150,000 at the time) in a project called MOOØNBEANS, with plans to produce and sell premium roasted beans using a recipe from Sublime Butter (a handmade butter company in the UK). However, three years have passed, and the project has not produced any canned roasted beans, nor are there clear indications of where the funds went.

Tony Ho, a manager at Sublime Butter, stated that the funds were never used by the company, and the company dismissed founder Chris Mair as a director in July 2023, accusing him of fraudulently using the brand for investment fundraising. Ho further claimed that the investment funds were directly transferred to Mair's personal wallet, after which the funds' whereabouts became unclear. Nouns DAO needs to take legal action to recover the funds, as they were never entered into the company's accounts.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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