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Secret Network Validator Shuts Down Nodes After Leadership Turmoil

Secret Network

An internal conflict at the Secret Network has resulted in at least one Validator Throwing in the Towel.


A Significant Validator for the Privacy Smart Contract layer-1 blockchain Secret Network has reported that it will never again provide nodes and support for the network.

On Jan. 29, significant validator Smart Stake Declared that it would close down its Secret Network validator nodes on Feb. 21.

Smart Stake cited “complex/upsetting validator operations, cost/effort of validator operations, and recent events,” as reasons for pulling out its services.

Smart Stake is a staking and validator service provider that supports several networks including, Polygon, Cosmos, and as of not long ago Secret Network.

On Jan.According to public allegations, the Foundation and its founder and CEO sold a significant amount of SCRT in late 2021, the native token for the Secret Network.He alleged thatTor cashed out a significant portion of the returns.


The Foundation received $4 million inflow in the Q4 of 2021, yet there was no notice of the withdrawal.
The action was not discovered in any financial reports provided to the community by the Foundation, which was presented as a non-profit organization on several occasions.

Bair provided his version of the events on the Secret governance forum on the same day.He said that the withdrawals were part of his share of vested tokens.This information is not verifiable in our 2021 tax filings, which have been reviewed by Labs, and I have previously disclosed this information to them.

SCRT prices have stayed invulnerable from the internal imbroglio, consolidating around the $0.80 level for the past week. However, the token is down 92% from its October 2021 all-time high of $10.38, and way down from Bair’s $7 sale price.

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