The Zcash development team collectively resigns and will establish a new company to continue maintaining Zcash.

Electric Coin Company (ECC) CEO Josh Swihart, the development team behind Zcash (ZEC), posted on X stating that the majority of Bootstrap board members have deviated from Zcash’s mission, resulting in the collective resignation of the ECC team. Swihart indicated that the ECC team’s employment terms were unilaterally altered, making it impossible for them to effectively perform their duties. The team will establish a new company to continue maintaining the Zcash privacy coin. Swihart emphasized that the Zcash protocol itself is unaffected, and this move is intended to protect the team’s work from malicious governance actions. ECC had transitioned to the nonprofit organization Bootstrap in 2020.