Starknet Foundation CEO Diego Oliva has resigned from his position, which he held since March 2023. With this development, James Strudwick took over as executive director. However, Oliva will continue in his position for a short while longer to assist with the transition process. However, this sudden resignation decision has negatively affected the altcoin price.
CEO of the Foundation behind Starknet resigns, altcoin loses altitude!
The Starknet Foundation has announced that its first CEO, Diego Oliva, is stepping down from his position, which he has held since March 2023. “James Strudwick, who has served at the Foundation since January 2024, will assume the role of Executive Director to continue to grow the Starknet ecosystem and adoption,” the organization said in a statement on Tuesday morning. During Oliva’s tenure, Starknet launched “numerous ecosystem development projects, including DeFi Spring, Seed Grants, and the Catalyst and Propulsion programs,” as well as the Provisions project. The foundation has also signed more than 100 infrastructure teams, according to the statement. In the meantime, Oliva will remain on duty for the next month to help with the transition.
Following the development, Starknet’s native token STRK turned south. The altcoin, which rose to $0.39 during the day, started to decline towards $0.38. At the time of writing, STRK was trading at $0.3823, up 6% on a daily basis. However, this increase is a misconception as it came after yesterday’s sharp decline. In other words, the altcoin has lost over 23% of its value on its weekly chart.
Is there a token airdrop behind the resignation?
News of his resignation comes after some controversy surrounding the Starknet community over the past few months. Cryptocoin.comAs you may have followed on , shortly after Starknet’s STRK token became tradable, 1.3 billion tokens were unlocked for core participants and investors. This led to criticism regarding timing and market impact. Many developers and node operators were disappointed with the criteria and allocation of the Starknet token airdrop. Many stated that they contributed significantly to the ecosystem but received little or no tokens. This even led to a huge backlash on social media.
Following the controversial airdrop, the project has come under fire again after one of its developers allegedly called community members “e-beggars.” Additionally, ZKX, a Starknet-based decentralized exchange, recently faced significant backlash after it abruptly shut down. Prominent investors like Amber Group and HashKey Capital expressed their anger over the lack of communication and transparency that led to the shutdown.
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For the rest of the article, Hot Development: This Popular Altcoin is Losing Altitude with Resignation!