Zcash's ZEC token crashed 19% Monday when its core developer team resigned over a board conflict. The team plans to form a new company while Bitcoin dipped below $90,000 and Ethereum slid to $3,100. Lit, WLFI and XMR were the rare bright spots, each climbing 3%.
Developer Exodus Unfolds
The Zcash Foundation's technical team quit following an irreconcilable board dispute. They're launching their own company outside the foundation's control. The immediate market reaction was brutal—ZEC lost nearly a fifth of its value in hours. The foundation hasn't addressed the team's claims or next steps.
Bank Moves Accelerate
JPMorgan confirmed JPM Coin will launch on the Canton Network for institutional settlements. Barclays backed UBYX, a U.S. startup building stablecoin infrastructure for institutional transfers. Wyoming also debuted its public Frontier Stable Token—the first state-issued stablecoin. World Liberty Financial pushed further into regulated territory by applying for a federal trust charter to issue USD1.
Network Hiccups Hit Starknet
Starknet users couldn't transact for multiple hours Monday due to a block production bug. The network required a full rollback to fix it. The outage came just weeks after the last maintenance window, raising fresh reliability concerns for the scaling solution.
Senate Vote Deadline Nears
Pressure is rising on the Senate Banking Committee ahead of its vote on crypto market structure legislation. Staffers are working against the clock to reconcile differences before the month's end. The committee hasn't signaled any delay despite the tight timeline.
