The entire Zcash development team at Electric Coin Company (ECC) has resigned following a governance dispute with the nonprofit oversight body Bootstrap, according to CEO Josh Swihart. He announced the departure and revealed plans to form a new company focused on “unstoppable private money.”
Board vs. Team: The Breaking Point
Swihart stated that a majority of Bootstrap board members had shifted away from Zcash's mission. He identified Zaki Manian, Christina Garman, Alan Fairless, and Michelle Lai as central figures in that majority. According to his public statement, recent changes imposed by the board altered employment terms for the ECC team, making normal work impossible. He described the situation as constructive discharge—working conditions changed so severely that employees felt forced to resign.
The departing team intends to establish a new entity dedicated to building what Swihart called “unstoppable private money,” maintaining the privacy and censorship resistance ethos of Zcash. He emphasized that the Zcash protocol itself remains unaffected by the organizational shake-up, as it is open-source and no single company controls the network.
Zooko Wilcox, former ECC CEO and Zcash founder, defended the Bootstrap board, stating that Zcash remains permissionless, secure, and safe to use. His response highlighted differing perspectives on the causes and implications of the split.
ZEC Price Tumbles
Following the announcement, the Zcash token (ZEC) experienced a notable price decline, eroding most of its December gains. Market data suggests investors reacted negatively to the governance uncertainty.
The episode underscores tensions between mission-driven development teams and non-profit governance structures in crypto. Zcash has long marketed itself as “private money.” The dispute also revealed confusion around organizational roles—Swihart acknowledged that public listings showing him as executive director of Bootstrap were outdated.
Supporters of the departing team argue that separation from Bootstrap governance may strengthen development efforts; critics worry about fragmentation and loss of institutional continuity. The situation highlights challenges facing decentralized projects that rely on hybrid structures combining nonprofits, companies, and open-source communities.
Open-Source Protocol Continues
Despite the team's exit, the Zcash network continues to run normally. Swihart confirmed that the Zcash codebase is open-source and maintained by community nodes. The new company will build on existing Zcash code, though the future roadmap remains unclear.