Zcash Price Drops 10% After Entire Development Team Resigns

Zcash (ZEC) price fell by nearly 10% after the entire Electric Coin Company team resigned due to a governance dispute.

Key Points

The resignation followed conflicts with the Bootstrap board, which oversees the company and supports the Zcash ecosystem.
CEO Josh Swihart described the situation as "constructive discharge" due to changes in employment terms that hindered effective work.
The Zcash protocol remains operational, and the departing team plans to form a new company focused on privacy financial tools.
Despite this, Zcash's decline accompanied Bitwise's ETF application tied to Zcash.
Zcash had experienced a strong rally in November, reaching a $10 billion market value.
Market speculation suggests a potential shift towards other privacy coins.