Zcash developers affiliated with the Electric Coin Company (ECC) have resigned en masse after a governance conflict involving the board of Bootstrap, the nonprofit entity established to oversee and support ECC’s work. The departures were confirmed by ECC CEO Josh Swihart, who said the entire development team left after what he described as a constructive discharge linked to changes imposed by board leadership.
In a public statement, Swihart stated that a majority of Bootstrap board members, including Zaki Manian, Christina Garman, Alan Fairless, and Michelle Lai, had become misaligned with the mission of Zcash. According to Swihart, recent governance actions altered employment terms in ways that prevented the team from carrying out their responsibilities effectively and with integrity. As a result, the full ECC team exited simultaneously.
Swihart stated that the developers are forming a new company to continue their work. He stated that the team remains intact and focused on the same objective of developing privacy-focused digital money. He also noted that the Zcash protocol itself has not been affected by the organizational changes, framing the move as a response to governance conditions rather than a technical dispute.
Under U.S. Department of Labor guidance, constructive discharge occurs when an employee’s resignation is deemed involuntary due to severe or major changes in working conditions that effectively force an exit. Swihart cited this definition in explaining the circumstances surrounding the resignations.
The latest exits follow earlier leadership transitions across organizations connected to Zcash. Swihart became CEO of ECC in December 2023, following the departure of longtime leader Zooko Wilcox, who stepped down after eight years in the role. In January 2025, Peter Van Valkenburgh resigned from the Zcash Foundation board, having assumed the position of executive director at Coin Center, citing the need to avoid potential conflicts of interest.
Van Valkenburgh had been involved in the foundation since its formation nearly eight years ago. He played a role in establishing it as a public charity dedicated to building privacy-focused payments infrastructure. His departure marked another high-profile change within the broader Zcash governance landscape.
(adsbygoogle = window.adsbygoogle || []).push({});The governance developments coincided with a move in Zcash’s market price. ZEC fell to $395.47, representing a 19.35% decline over 24 hours. Market capitalization dropped to $6.51 billion, while 24-hour trading volume rose to $1.13 billion, an increase of nearly 59%. The circulating supply stood at 16.47 million ZEC, approaching the asset’s maximum supply of 21 million.
