Recently, Ethereum Classic, one of the leading projects in the community, stepped under the spotlight as one of the lead development team, Ethereum Classic Development Company announced that they would be shutting down their operations. This announcement created a buzz in the market as the development team pointed out the other teams for failing them.
According to the official website, Ethereum Classic has five teams:
- IOHK [Grothendieck]
- ETC Cooperative
- ETC Labs
- ETC Commonwealth
Out of the five teams, ETCDEV, IOHK and ETC Commonwealth are the ones that focus on the development of the project and the rest provide financial support for the growth of Ethereum Classic.
ETCDEV is known was maintaining the key client of Ethereum Classic – Classic Geth, which has been under the development team since the DAO hack. The other projects the team works on include Emerald wallet, Sputnik Virtual Machine, and Orbita.
Now, the company will stop their operations on Ethereum Classic due to a financial crisis. The Founder of ETCDEV, Igor Artamonov stated that the company is facing a cash crunch and that they were unable to raise funds as a result of the bear market.
In his recent blog post, Artamonov stated that the access for the funds that were meant to be utilized for the development of ETCDEV was lost. This was followed by the Founder seeking financial assistance from DFG and ETC Labs.
Post this, the Founder claimed that he had provided admin access to krykoder, a representative of DFG, on their request, who then removed everyone else’s access along with copying all the projects. This led to the team effectively losing control to Classic Geth and ETC community organization.