Zcash Plunges Double Digits After ECC Team ‘Constructively Discharged’
Zcash’s price dropped 18.2% in 24 hours after the entire Electric Coin Company (ECC) team resigned due to conflict with Bootstrap, the nonprofit overseeing Zcash governance. Over the past week, the coin is down 24%, although it has risen over 670% in the past year. Former ECC CEO Josh Swihart accused specific Bootstrap board members of moving against Zcash’s original mission, leading to the team’s “constructive discharge.” Swihart announced plans to form a new company focused on privacy but gave no specifics. Despite the staff exit, Swihart and ECC founder Zooko Wilcox-O'Hearn assured users that Zcash’s protocol remains secure and operational due to its decentralized, open-source nature. Bootstrap argued that recent proposals to privatize assets like the Zashi wallet posed legal and ecosystem risks, highlighting the need to protect public-interest assets. Analysts note Zcash still has strong tech and user demand for privacy, but market and regulatory uncertainty persist, with policy risk likely to continue affecting the coin’s price and investor sentiment.
