Zcash Plunges Over 16% as ECC Team Resigns

Summary

Zcash's ZEC token fell sharply after the entire Electric Coin Company team resigned, citing a governance dispute with nonprofit Bootstrap. CEO Josh Sweetheart described the departure as a constructive discharge, and the team is forming a new company. ZEC underperformed major cryptocurrencies as investors reacted to the leadership vacuum and governance friction.

• ZEC showed significant weakness and fell below prior levels, down over 15% on the day.
• The entire Electric Coin Company team resigned amid a dispute with nonprofit Bootstrap.
• CEO Josh Sweetheart characterized the exit as a constructive discharge.
• Bootstrap says the dispute is about legal compliance and fiduciary duty.
• ZEC underperformed large-cap crypto including Bitcoin and Ether.
• The departing team is forming a new company.
• The market reaction reflected concern over Zcash's leadership and governance.