The entire Electric Coin Company team behind Zcash has split from Bootstrap and plans to form a new company, according to chief executive Josh Swihart.
Over the past few weeks, it’s become clear that the majority of Bootstrap board members have moved into clear misalignment with the mission of Zcash.
Josh Swihart said.
Swihart said the team’s employment terms were changed in ways that made it impossible to perform their duties effectively and with integrity.
This decision is simply about protecting our team’s work from malicious governance actions.
Josh Swihart said.
He said the departing team will continue pursuing the same goal of building privacy-focused digital money through a new firm.
Swihart said the Zcash protocol itself remains unaffected and will continue operating as normal.
Former ECC chief executive Zooko Wilcox defended the Bootstrap board and rejected claims of misconduct.
The Zcash network is open source, permissionless, secure, and private, and nothing in this conflict can change that.
Zooko Wilcox said.
Zcash fell nearly 7% on the day and traded around $461 amid the governance dispute.
At the time of reporting, Zcash price was $456.44.