Zcash CEO: Bootstrap has strayed from its mission; the entire development team has been forced to resign and will establish a new company to continue ...

Odaily Odaily reports that Josh Swihart, CEO of the Electric Coin Company (ECC), the development team behind Zcash (ZEC), stated in an article on X: “It has become clear over the past few weeks that the majority of the Bootstrap (the non-profit organization behind ECC that supports Zcash by managing ECC) board members, particularly Zaki Manian, Christina Garman, Alan Fairless, and Michelle Lai (ZCAM), have significantly deviated from Zcash’s mission. Yesterday, the entire ECC team resigned due to ZCAM’s presumed dismissal. In short, our employment terms were unilaterally modified, preventing us from fulfilling our responsibilities effectively and honestly. We are starting a new company, but we remain the same team committed to the same mission—building an unstoppable privacy currency. The key point is that the Zcash protocol itself is unaffected. This decision is solely to protect the team’s work from malicious governance actions that have prevented ECC from fulfilling its original mission.”

Odaily Note: In 2020, after most shareholders opted to donate their shares, the Electric Coin Company (ECC), the developer of Zcash, has been transitioning to a nonprofit Bootstrap structure.