While Eth Milan saw a significant turnout, we acknowledge that a few members were unable to attend the event. The situation regarding refunds varies among these members. Some have promptly returned the funds (Big M from BeatDAO and Tarun from Indiaverse), while others are in the process of doing so. Regrettably, some individuals have expressed an unwillingness to refund the funds and have indicated the necessity of legal discussions.
ETH Milan’s event was financially responsible, managing to showcase 14 communities and 3 tech partners effectively within the budget. The identified potential partnerships further demonstrate the event’s positive impact and the opportunities for future collaboration in the blockchain and Ethereum space. Eth Milan is well-positioned for continued growth and engagement in the industry.
I want to drop an official update here on behalf of Youngfresh dao representatives (@larkim & @Olakitan) at the eth Milan event as we have now transferred back the funds received to the creativedao treasury.
We received a total of 2000 usd on the 8th of August 2023 , as at the time funds was sent to us , the rate to dollar to Naira ( our local currency) was arround (750 - 830) to 1 dollar.
In my region, it takes a lot of processing and money to get visa approved, one of the criteria is having a substantial amount of money in your account. We processed our visa application , but unfortunately our visa was declined.
Attached here is the letter of refusal from the embassy
We exchanged 2000usd on the 9th of august 2023 at 750naira to 1 dollar , making a sum total of 1,500,000,000. Naira.
On Thursday 26th of October 2023, arround 12pm GMT, the exchange rate of dollar to naira was 1292 naira to 1 dollar, which was the time of our exchange.
We have transferred back to the creative dao treasury a total of 1161usd which is the exact equivalent to the initial amount we received at the current exchange rate.
For transparency, this is a document of our transaction on binance
Hey @larkim, unfortunately, your justification can’t be accepted by us.
You received $2000 to attend ETH Milan, which was supposed to serve as a flight ticket allowance. Since you did not attend ETH Milan, you should return the full amount. So far, you have returned only $1158, which means you still owe $842 to the CreativesDAO.
Hi @Paul
Thank you for your response. This is not to justify any point but to be transparent to all.
We had a meeting prior to this time with @Cryptonaut and it was concluded that we create a doc form with the exchange rate at the time the funds were received and returned.
The equivalent amount of what we received at the current exchange rate which is exactly what we have refunded.
Kindly note that it is foreign exchange and the rate of a $dollar to a local currency (naira) is not stable.
Do well to check the rate difference from the time the funds was received (8th of Aug. 2023) to when it was refunded (26th of October 2023).
Thank you for taking time to confirm the exchange rate.
I would like to note that the exchange rate shown on goggle is the interbank rates,these rate are only accessible by banks. Consumers have no access to this rates, the general public has no access to this rate.
As at this moment the exchange rate from naira to dollar is 1,186 naira to one Usdt (dollar). As at the time we exchanged , which is 26th of October, the rate was 1,292 naira for 1 dollar.
Hi @Cryptonaut thank you for following up on this but I would like to chip in the fact that the Naira currency is very volatile and as such the value fluctuates. I will urge you to track the news as it is a global issue that the naira currency has fallen.
Please linked below is the rate as at October 31 2023
Personally I feel that we should be respectful and mindful of global issues.
I must commend @larkim for the transparency and for the prompt return of funds.
