2026-01-08 15:31:00

On the evening of January 7th, the privacy coin ZEC plummeted to around 408.94 USDT on multiple exchanges, with a 24-hour decline of 15.48%. During the trading session, it touched a low of 381.28 and rebounded to a high of 487.52, with trading volume surging to $14.16 million — this is not just a technical correction but the biggest governance storm in the Zcash ecosystem.

Electric Fire Coin (ECC)—the core code contributor and maintainer of the Zcash protocol, with a team of about 25 people including CEO Josh Swihart—announced their collective resignation on January 7th. This news shocked the entire privacy coin community.

ECC has long led the iterative development of zk-SNARKs privacy technology and key infrastructure projects like the Zashi wallet. After the resignation announcement was posted on X, Josh Swihart accused the majority of the Bootstrap board— including Zaki Manian, Christina Garman, Alan Fairless, Michelle Lai, and others (marketed as the ZCAM camp)—of implementing "malicious governance."

They unilaterally changed employment terms, creating a so-called "constructive dismissal" situation, which put the core team in a dilemma where they could no longer continue working with professional integrity. This split marks the internal power struggle within the Zcash ecosystem moving from behind the scenes to the forefront.

As the market digested this information, the response was straightforward— the coin price dropped sharply, and investors' concerns about the ecosystem's future increased significantly. The next direction will depend on how Bootstrap and the community handle this storm.

ZEC1,73%

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GmGnSleeper

· 01-11 11:57

ZEC this move is really brilliant, the core team directly went on strike, and the governance layer is opposing... Will privacy coins be finished? --- Josh dares to directly confront, indicating the matter has indeed escalated, it's not just a simple financial dispute. --- Still hoping to maintain ecosystem stability? Once ECC leaves, it seems like no one will manage Zcash anymore. --- A 15% drop is actually quite restrained; I would have already bought the dip, but who dares to take over at this critical moment? --- The term "governance storm" is very fitting; the biggest fear in the crypto space is internal conflict. --- That group at ZCAM is really ruthless, changing salary slips to force people to leave voluntarily—this move is quite dark. --- The current question is, besides ECC, is there anyone else who can maintain zk-SNARKs? This is no small matter.

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LuckyBlindCat

· 01-10 05:50

zec this wave really underperformed, did the core team all go all-in and resign? This thing's governance is like a fireworks display Basically, it's a power struggle, with Josh and the board playing against each other The privacy coin track was already competitive, now with internal conflicts, who would dare to take over Let's wait and see how bootstrap handles this mess, or it might just fade away I used to be optimistic about zec, but now I have some regrets

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GateUser-beba108d

· 01-08 15:58

Another internal DAO fight? ZEC is directly cooling off this time, ECC collectively throwing in the towel is too hardcore --- Josh leading the team out of the door really isn’t that simple; honestly, it’s the board playing dirty --- The privacy coin concept will probably have to take a break this time; such obvious ecosystem tearing is really hard to repair --- A 15% drop is still relatively mild; if it were me, I’d have already dumped it haha --- That group at ZCAM is really ruthless; constructive dismissal is indeed a harsh move, no wonder Josh just flipped the table --- Crypto governance is like this—idealism vs. realpolitik, always so disappointing --- Let’s wait and see how Bootstrap ends; if they mess up this time, trust will never recover --- The problem is, if ECC really leaves, what competitiveness does ZEC have? Privacy features are all gone

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IntrovertMetaverse

· 01-08 15:58

ZEC this time is really incredible, 25 people resigning at once—what kind of conflict does that indicate? The governance has torn apart like this, does privacy coins still have a future? Josh has started to make accusations, which shows the issue is really serious. Waiting for the community's response. The crypto world still can't escape the fate of internal conflicts... ECC team has all run away, what about the Zashi wallet? Truly speechless. The term malicious governance is used perfectly; it feels like Zcash is going to cool off. Let's see who can handle the situation this time. Are they reliable?

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ThreeHornBlasts

· 01-08 15:44

Now ZEC is really doomed, a team of 25 people has left, what’s left to play in privacy coins... ECC has withdrawn, who will maintain the code? ZCAM’s move is brilliant, they had to force the big sponsors away to be happy. Josh’s response was satisfying, but in the end, it’s still retail investors who buy in the crypto world, wsnd. Governance storms are just slaughterhouses for coin prices. Watching and waiting to see who gets cleaned out. This is what a true rug pull looks like. It’s not about money; it’s about the ecosystem collapsing. Another privacy coin track is gone, and in the end, Monero might be the only one left standing.

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PensionDestroyer

· 01-08 15:37

ZEC this wave of collapse is well-deserved, the core team has all left, what confidence is there to hold... This routine is so old and clichéd, insiders in the crypto circle can see through it. Josh is right, this is just a disguised dismissal; changing the name doesn't change the fact. What the hell, 25 people leaving collectively? This is definitely not a minor disagreement; it must be incredibly frustrating to do this. Privacy coins are already sensitive, and now it's turned into this... Investors fleeing is a normal reaction. Power struggles like this, the ones who always end up losing are retail investors. Who is right or wrong, let's not worry about that first; the signal from ZEC is already very clear.

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ChainComedian

· 01-08 15:35

ZEC this move is really brilliant, a 25-person team collectively striking, this is outrageous. Power struggles have ruined the ecosystem, how can the coin price not fall? --- That guy Josh dares to directly expose the board, ZCAM's move this time is a bit dirty. --- Privacy coin circles are already prone to issues, now that ECC has left, who will maintain the protocol? This is a big problem. --- What does a 15% drop matter? If the ecosystem collapses, that's really the end. Looks like the story of Zcash is about to be rewritten. --- Basically, it's still the old problem of decentralized governance—when the board and core team fight, the buyers end up taking the hit. --- Laughing out loud, so-called "constructive dismissal" is just HR's "optimization," another example of open-source projects being killed by power struggles. --- Wait, does this mean the development of zk-SNARKs might stall? Then what competitiveness does ZEC have left? --- Bootstrap is really a masterstroke, forcing the most important team to leave, and then? Coming back yourself?

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On-ChainDiver

· 01-08 15:33

Zcash is causing internal conflicts again, and this time it's really bloodshed. ECC all resigned en masse, it feels like the ecosystem is going to cool down. The recent plunge of ZEC is entirely deserved; with governance so poorly managed, they still want to stabilize the price—laughable. Josh's accusations are heartfelt, but the checks and balances in the crypto world are truly ineffective. The classic big fish eating small fish routine continues. The privacy track has always been competitive, and ZEC is messing itself up. Is Monero about to rise again? Haha. The ECC team of 25 people leaving together indicates it's not just individual complaints. This time, the board really messed up. With the price dropping so sharply, it shows the market is well aware—without ECC's support, it's a miracle Zcash can still run. Forget it, I won't touch privacy coins anymore; too many unpredictable issues. Josh is right—changing the employment terms is really just a disguised way to push people out. Shameless. Looking at this internal conflict, it might do more damage to confidence than the technical issues themselves.

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