Ethereum Classic (ETC) run out of money; developers leave the project

ETC might be the first victim of cryptocurrency market crash.
ETC/USD has lost over 6% in the recent 24 hours.

Tanya Abrosimova Independent Analyst

Ethereum Classic is at risk as the team of developers abandons the project due to financing issues. The announcement was made in the official Twitter account of ETCDEV.

"Unfortunately ETCDEV cannot continue to work in the current situation and has to announce the shutdown of our current activities," it says.

The developers explained that they started experiencing financial issues several weeks ago when the cryptocurrency market collapsed once again and left the team in low water.

"We appealed to investors in the ecosystem as well as to external to it. We also did the community fund. But in no one of those cases we were successful in securing the short-term financing.," they complained.

According to the Twitter vote results, 61% of the community refused to support the project.

Following the news, ETC/USD dropped to $4.4; however, the coin managed to recover to $4.71 by the time of writing, down over 6% in the recent 24 hours. The coin came to life as a result of Ethereum blockchain hard fork in summer 2016, when a part of the community refused to migrate to a new chain.

ETC/USD, daily chart

Author

Tanya Abrosimova

Independent Analyst

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