Bankless controversy forces founders to burn tokens and separate from DAO

Amid the ongoing controversy around cryptocurrency media Bankless and the associated decentralized autonomous organization (DAO), BanklessDAO, the founders of Bankless have suggested separating the brand from the DAO.

Bankless co-founders David Hoffman and Ryan Sean Adams plan to submit a governance proposal to BanklessDAO to separate the two entities. The co-founders took to X (formerly Twitter) on Nov. 26 to

Bankless co-founder Adams addressed the criticism, stressing that calling creators grifters for running ads is essentially trying to consume products for free. He also stated that paid subscribers have always funded the mission of Bankless.

Plz understand – when you call creators grifters for running ads – yet aren’t willing to pay for their products you’re asking them to work for free.

Is that fair?

How we do it: if you don’t like ads you can pay $15 monthly for no ads.

If you want crypto media then support it.

— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) November 26, 2023

Founded in 2019, Bankless is a crypto media company that promotes the adoption and awareness of bankless money systems. In May 2021, Bankless launched Bankless DAO — a decentralized community to coordinate and promote bankless media — and launched the BANK token.

In April 2023, Bankless founders announced they were raising a $35 million venture capital fund to invest in seed-stage Web3 companies.

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