Mara, a crypto startup backed by Coinbase, lost $16 million in 2022 as the leadership team fell apart
- Mara raised $23 million in funding in 2022 but ran out of cash by 2024.
- At least 75% of the 4 million verified users Mara reported were fraudulent accounts.
- CEO Chinyere Nnadi registered a new company called Jara and offered to transfer equity and tokenized shares from Mara to Jara.
The financial mismanagement and fraudulent user accounts at Mara, leading to its eventual shutdown and rebranding as Jara, raise concerns about the company's leadership and decision-making. The lack of transparency regarding the use of funds and the involvement of the Mara Foundation in potential legal action further highlight the need for a thorough investigation into the company's operations.
