Zcash developer exit fuels sell-off as funds appear to shift toward Monero

Beincrypto reports Electric Coin Company CEO Josh Swihart confirmed the entire ECC team resigned after what he described as a "constructive discharge," a development that coincided with a steep sell-off and eroded confidence in Zcash.

Swihart said board decisions changed employment terms and undermined the team's ability to operate independently, adding the group is founding a new company and that "the Zcash protocol is unaffected." On-chain data showed a surge in selling: Nansen reported ZEC exchange balances rose roughly 7% in 24 hours, Zcash's Chaikin Money Flow turned negative and the token fell about 16.7% to trade near $398. By contrast, Monero's CMF spiked and XMR price climbed roughly 5% to trade near $456.

Momentum indicators moved in Monero's favor as XMR's Money Flow Index surged and the coin traded about 13.5% below its all-time high of $518.99. The report says these signals suggest a possible rotation of capital from ZEC to XMR but are not definitive, and it cautions the analysis is for informational purposes and not investment advice.

Key Topics

Crypto, Zcash, Monero, Electric Coin Company, Josh Swihart, Nansen