Investor Accuses Acier Co-Founder Zeller of Misleading Pitch Deck

A self-described former Aave Chan Initiative (ACI) employee and current investor in Acier, a new lending and borrowing protocol, posted an accusation against co-founder Marc Zeller on Aave's governance forum on October 24, 2026, alleging Zeller misrepresented the venture's ownership structure to fundraising investors. The post, titled "Question regarding Acier's alleged misrepresentation and deception of investors", names Zeller and fellow Acier co-founder Eboado, a BGD Labs contributor, as the subjects of the complaint.

What the forum post alleges

According to the post, Acier was founded by Zeller, previously the public face of ACI and a longtime core contributor within the Aave ecosystem, together with Eboado of BGD Labs, another firm closely tied to Aave's technical development. The author identifies themselves as both a former ACI employee and a current Acier investor, giving them direct insight into the fundraising process they are now disputing.

The poster claims the pitch deck used to raise money publicly presented Acier's ownership and structure in a way they characterize as misleading. The post includes what the author describes as a direct quote attributed to Eboado, though the quote's full context and the exact wording of the disputed pitch deck claims are not reproduced in detail within the body of the forum thread as retrieved. The author states plainly that "if a founder can treat his investors disrespectfully and unreasonably, he is even less likely to treat his users with respect and sincerity," and urges the Aave governance community not to use Acier's platform going forward.

The claims in the post are, at this stage, CLAIMED-BY-PERSON: a single self-identified investor's allegation, posted under a forum account, without an independent confirmation from Acier, Zeller, or Eboado as of this writing. Neither Acier nor Zeller has issued a public response within the governance thread or on other channels located in a check conducted at publication time.

Why This Matters for Aave Governance

Zeller and BGD Labs have both played prominent roles in Aave's governance and protocol development, which gives this dispute visibility beyond a typical startup fundraising disagreement. Acier is described in the post as a new, separate lending and borrowing protocol, distinct from Aave itself, built by individuals who previously worked within Aave's contributor ecosystem.

Because the allegation was posted on Aave's own governance forum rather than a neutral venue, it is already circulating among the same community that engages with DeFi governance proposals more broadly. The forum format also means any response from Zeller, Eboado, or Acier would likely surface in the same thread, where other forum participants can question or corroborate the claims directly.

CoinsCipher found no independent statement from Zeller, Eboado, or Acier addressing the allegations as of this writing. Readers evaluating Acier or considering participation in its fundraising should treat the dispute as an unresolved, single-sourced allegation rather than a confirmed finding, and watch the governance thread for any reply from the named parties.