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Zcash (ZEC), one of the most talked-about altcoins in recent months, witnessed an unexpected event.
Accordingly, the ZEC core development team resigned en masse due to a management dispute.
According to The Block, the Electric Coin Company (ECC) development team, the parent company behind Zcash (ZEC), announced their mass resignations due to a dispute with Bootstrap, the non-profit organization supporting Zcash.
ECC CEO Josh Swihart stated in a post on his X account that the majority at Bootstrap had deviated from Zcash’s original goals and implemented malicious management measures that hindered the development team’s work, leading to his resignation.
CEO Swihart stated that the ECC team would be forming a new company, but the Zcash protocol would continue to operate normally with the same team.
“…Over the past few weeks, it has become clear that the vast majority of the Bootstrap board of directors have been acting in a way that is clearly contrary to Zcash’s mission. Yesterday, the entire ECC team also left Bootstrap.”
Although the ECC team is forming a new company, the team remains the same. This decision to separate is to protect the team’s efforts from malicious management actions that would make it impossible for the ECC to fulfill its mission.”
In contrast, Zooko Wilcox, the former ECC CEO who handed over the reins to Swihart in 2023, expressed her support for Bootstrap in a post from her X account.
Wilcox stated that the Zcash protocol would continue to function normally, adding, “The Zcash network is open source, permissionless, secure, and private, and nothing that happened in this conflict can change that. You can continue to use Zcash safely.”
Wilcox stated that the Zcash network was functioning normally despite the resignations, while analysts noted that the ZEC price had fallen due to management risks.
*This is not investment advice.