Zcash faced a dramatic selloff on January 8th, with ZEC tumbling nearly 20% to hit $382 amid internal leadership turmoil. The Electric Coin Company team's departure escalated tensions, citing constructive discharge claims against the Bootstrap board over disagreements surrounding Zashi's privatization direction. Market volatility intensified the damage—liquidations across leveraged positions wiped out $23M in a single day. The combination of governance crisis and margin call cascade painted a bearish picture for the privacy-focused asset, highlighting how organizational instability can rapidly cascade into price action when leverage enters the equation.