The Zcash project, representing anonymous coins, recently suffered a severe blow, with a sudden drop of 28%, causing a huge impact on the market. This plunge was not driven by macroeconomic factors but resulted from a serious internal governance collapse within the project's core development company, ECC.

On the 8th local time, all members of ECC management and the core development team announced their intention to resign. They have long-standing irreconcilable differences with the Bootstrap board of the Zcash Foundation, particularly regarding wallet strategies and the implementation of the privacy-first roadmap. The significant risk perception gap and broken trust made continued cooperation impossible.

Following the news, market panic spread, with ZEC prices plummeting, large-scale liquidation of long positions, and a surge in short positions. Although foreign media suggest that the dispute may not be catastrophic, the market generally views the loss of core developers as a major negative signal.

The resigning ECC core personnel will establish a new entity to continue advancing the technology, but industry experts worry that issues such as roadmap delays and loss of community coordination will follow. Whether Zcash can mend its governance crisis will determine its future survival. Analysis is difficult; please follow, bookmark, like, and comment to stay updated on the developments!