worldcoinindex.com
The Electric Coin Company (ECC), the core developer behind the privacy-focused Zcash blockchain, has seen its entire workforce resign following a deep governance dispute with its overseeing nonprofit.
ECC CEO Josh Swihart confirmed on Wednesday that the mass exit stemmed from irreconcilable differences with the majority of the Bootstrap board of directors, the nonprofit entity responsible for governing ECC and supporting the broader Zcash ecosystem. According to Swihart, the disagreement centered on governance direction rather than technical issues, and the Zcash protocol itself remains unaffected.
Bootstrap, a 501(c)(3) organization, was established to provide oversight and long-term stewardship for ECC. In a public statement, Swihart said several board members were no longer aligned with what he described as Zcash’s core mission, creating conditions that made it impossible for the team to continue operating effectively.
He characterized the situation as a case of constructive discharge, a term used when employees resign due to major changes in employment conditions that undermine their ability to perform their roles with integrity.
Despite the upheaval, Swihart said the departing developers are already organizing a new company aimed at continuing work on what he called “unstoppable private money,” signaling that development efforts may persist outside ECC’s existing structure.
The walkout adds to a broader pattern of leadership turnover within the Zcash ecosystem. Swihart himself became CEO in December 2023 after longtime leader Zooko Wilcox stepped aside, while additional high-profile departures followed in subsequent years.
The resignations also come shortly after ECC announced an internal restructuring in early December, consolidating engineering and communications teams to streamline development around its Zashi wallet and improve user experience.
The governance crisis follows a strong market phase for Zcash late last year, when ZEC briefly reclaimed a top-20 crypto ranking and crossed a $10 billion market capitalization. While the token has since retreated from those highs, it remains up over the past month, though still far below its 2016 peak.
As of the latest data, ZEC was trading near $456, reflecting short-term volatility amid one of the most significant organizational disruptions in the project’s history.