The team behind the privacy-centric cryptocurrency Zcash, known as the Electric Coin Company (ECC), has officially separated from Bootstrap, the nonprofit organization initially established to support the token. According to CEO Josh Swihart, they intend to launch a new company moving forward.
Swihart explained on Wednesday that recent developments revealed a significant divergence between most Bootstrap board members—specifically Zaki Manian, Christina Garman, Alan Fairless, and Michelle Lai (collectively referred to as ZCAM)—and Zcash’s core mission.
He further stated that “the entire ECC team resigned yesterday.” The decision stemmed from changes in employment terms that hindered their ability to fulfill responsibilities effectively and with integrity.
Swihart emphasized that this move was necessary to safeguard their work against harmful governance decisions undermining ECC’s foundational goals.
Despite forming a new entity, Swihart assured that it remains the same dedicated group committed to creating unstoppable private digital currency.
Source: Josh Swihart
Zcash Operations Continue Uninterrupted
The departure of ECC staff does not impact the functioning of the Zcash protocol itself. Swihart confirmed operations will proceed without disruption.
Zcash is an open-source project; no single entity holds ownership over its codebase or network. Anyone can participate by running nodes, proposing updates, or maintaining forks. The system depends on miners and validators for ongoing activity and security.
Ex-ECC CEO Supports Bootstrap Board Members
Zooko Wilcox—former ECC CEO who passed leadership to Swihart in 2023—publicly defended Bootstrap’s board via an X post on Wednesday.
“Having collaborated closely with Alan Fairless, Zaki Manian, Christina Garman for over ten years through challenging situations—and Michelle Lai for about five—I consider them individuals of exceptional integrity,” Wilcox remarked.
Zooko also reassured users about network stability: “Zcash remains open source, permissionless, secure and private; none of these qualities are affected by internal disputes. Users can continue utilizing it safely.”
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Zcash Market Performance Declines Today
The price of Zcash has dropped nearly 7% within 24 hours and currently trades near $461 according to CoinGecko data. During this period it fluctuated between approximately $452 and $497.
This token experienced a surge last November amid broader privacy coin enthusiasm when it peaked around $723 on November 8th—a rise partly fueled by endorsements from prominent industry figures like Arthur Hayes.
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