Zcash’s price dipped about 7% over the past 24 hours, trading around $461, according to market data.
The announcement was shared in a statement from the Zcash creators and later echoed by Electric Coin Company CEO Josh Swihart. He said the decision came after deep disagreements with members of the Bootstrap board, a nonprofit set up to support Zcash.
According to Swihart, several Bootstrap board members moved out of alignment with Zcash’s original mission. He named Zaki Manian, Christina Garman, Alan Fairless, and Michelle Lai as central to the dispute.
He explained that recent changes to employment terms made it impossible for the team to do their work properly or with integrity. As a result, the entire Electric Coin Company team left at the same time.
The developers described the situation as a constructive discharge. In simple terms, they felt pushed out by governance actions they viewed as harmful to their mission.
Despite the split, the team stressed that their goal has not changed. They said they are building a new company, but remain focused on the same vision: creating unstoppable private money.
Both Swihart and other Zcash figures emphasized that the Zcash protocol itself is not affected. The network will continue to run as normal.
Former Electric Coin Company CEO Zooko Wilcox defended the Bootstrap board in a separate post. He said he believes the board members involved are people of high integrity. He also reassured users that nothing in the dispute changes how Zcash works.
For now, developers say more details about the new company will be shared soon. Their message to users is clear: Zcash keeps running, and privacy remains the priority.
Read next: Zcash ZEC Price Slides Below Key Averages in Trend Shift
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ETH+2 moreOver the past few weeks, it's become clear that the majority of Bootstrap board members (a 501(c)(3) nonprofit created to support Zcash by governing the Electric Coin Company), specifically Zaki Manian, Christina Garman, Alan Fairless, and Michelle Lai (ZCAM), have moved into Show more
