Mara, a Pan-African crypto exchange, reportedly burned $16 million out of the $23 million it raised from investors, mainly on salaries, bonuses, and allowances for its 130 employees.

Founder and CEO Chinyere Nnadi is said to have launched a new entity, Jara, to avoid Mara's liabilities.

The exchange's collapse is attributed to high salaries intended to attract talent from top companies, which did not always yield results.

Former executives blame Nnadi for Mara's downfall, noting that a quarter of Mara's 4.5 million verified users were fraudulent accounts created due to financial incentives.

The exchange significantly cut its workforce by 85% in June 2023, citing redundant roles.