Giant Altcoin CEO Drops Project: Price Drops!

Solidity inventor Gavin Wood, co-founder of Ethereum, announced that he is stepping down as CEO of Parity Technologies, the company behind Polkadot and Kusama. Following the news, the cryptocurrencies of the altcoin project began to decline.

Gavin Wood resigned

The recognized CEO will remain one of the company’s largest shareholders, despite his resignation. Commercial officer Bj√∂rn Wagner now takes over the vacant CEO position. Wood and Wagner founded Parity Technologies together in 2015. The company continued to grow its team despite the cuts in the bear market. Eran Barak, a computer scientist graduated from Tel Aviv University, has been appointed as the company’s chief operating officer.

Former Parity Technologies co-founder and CEO Jutta Steiner left the mission in November 2021 after having been head of the company since 2015. Gavin Wood has filled that position ever since.

After the announcement, the altcoin price fell sharply.

Gavin Wood’s resignation ended with a loss of approximately 5% for the Polkadot (DOT) price. Polkadot, one of the biggest “Ethereum killers”, is down 90% since its November peak. The altcoin is currently trading at $5.87. Following the news, it found a discontinuous base in the $5.77 region. For now, sales have cooled and DOT seems to be recovering.

In the middle, according to information from GitHub, Polkadot made more than 500 contributions each day in September. Concurrently, information from Polkadot’s cross-consensus interoperability standard XCM shows a record 26,258 messages were sent amid their parachain. In August, Polkadot received a total of 14,930 contributions from GitHub developers.

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