Ethereum Classic (ETC) development team shuts down due to “market crash” & “cash crunch” in the company
One of the leading Ethereum Classic development team recently shared with the community that it is shutting down. The announcement was made on the ETCDEV’s official Twitter account.
The tweet also contained a screenshot of the announcement from ETCDEV’s founder and CTO, Igor Artamonov. He stated, “As is publicly known we have struggled with funding our operation in the last few weeks. This was partially due to the market crash, combined with a cash crunch in the company.”
According to the post, they appealed to the investors in the ecosystem and also those outside. They also reportedly did the “community fund” but nothing worked in favour for the team. He wrote, “…none of these cases were we successful in securing short-term financing.”
In the official tweet, the team noted, “Unfortunately ETCDEV cannot continue to work in the current situation and has to announce shutdown of our current activities” The Ethereum Classic Development team strongly focused on decentralized computing to provide long-term support for the Ethereum Classic (ETC) blockchain. The team also reportedly maintained Classic Geth – one of the main clients for the ETC blockchain. The team have also contributed in original projects such as Emerald, Emerald Wallet, and SputnikVM.
ETCDEV was one of many Ethereum Classic development teams. The other teams include, IOHK (Grothendieck), Ethereum Commonwealth, ETC Labs and ETC Cooperative. However, the current development definitely brings doubt in the minds of community members as to whether the end for Ethereum Classic is near or not.
In fact, according to coinmarketcap, ETC has fallen 6.68% in the last 24 hours. The drop might be not only be due to the news of the development team shutting down but also due to the current bear market. Though, the current announcement might have a lingering effect on the coin.
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