W3i Software Forum / All Topics
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| W3i Announces Passing of President and Co-Founder Matthew Plomin and Temporary Operational Adjustments for USDM | None |
| ORIGINAL AUTHOR | TOPIC | ACTIONS |
| Jillian2024-11-1808:10:24 | W3i Announces Passing of President and Co-Founder Matthew Plomin and Temporary Operational Adjustments for USDM FOR IMMEDIATE RELEASE W3i Announces Passing of President and Co-Founder Matthew Plomin and Temporary Operational Adjustments for USDM November 18, 2024 It is with great sadness that W3i announces the untimely passing of our co-founder, Matthew Plomin, on November 14, 2024, due to health complications. Matt was the visionary behind USDM, our dollar-backed stablecoin project. His passion and dedication were instrumental in shaping the Moneta team and USDM. He is survived by his wife Jillian, CEO, and their 7 children. In light of this tragic loss, we are implementing pre-existing disaster recovery plans to address immediate operational needs: Temporary Pause on Minting and Burning: Minting and burning of USDM will be temporarily paused while we evaluate and reassign responsibilities previously handled by Matt. All of the minting/burning multi-sig keys remain secure and are able to be transitioned. Secure Reserves: All funds backing USDM remain fully secure in our bank accounts, with on-chain attestations provided by the Charli3 oracle. Peg Stability: Each USDM coin remains valued at $1. We ask for your patience and understanding during this difficult time as we work through these adjustments. The team is focused on addressing the practical and operational challenges ahead while honoring Matts contributions. For updates or inquiries, please reach out to us on Discord at https://discord.gg/usdm. About W3i W3i is a company dedicated to creating secure and reliable financial tools, including USDM, a dollar-backed stablecoin issued by Moneta offering stability and transparency to users in the digital economy. |