Diego Oliva, CEO of the Starknet Foundation, has resigned from the position he has held since March 2023. With this development, James Strudwick has taken over as executive director. However, Oliva will stay on for a short while to help with the transition. However, this sudden resignation decision had a negative impact on the altcoin price.
CEO of the Foundation behind Starknet resigns, altcoin loses altitude!
The Starknet Foundation announced that its first CEO, Diego Oliva, has stepped 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 Tuesday morning. During Oliva’s tenure, Starknet has launched numerous ecosystem development projects such as “DeFi Spring, Seed Grants, and Catalyst and Propulsion programs,” as well as the Provisions project. The foundation has also signed agreements with more than 100 infrastructure teams, according to the statement. Oliva, meanwhile, will stay on for the next month to help with the transition
Following the development, Starknet’s native token STRK turned south. The altcoin descended towards $0.38 at the level of $0.39, where it rose during the day. At the time of writing, STRK was trading at $0.3823, up 6% on the day. However, this increase is misleading as it comes after yesterday’s sharp decline. So, the altcoin has lost over 23% on its weekly chart.
Token airdrop behind the resignation?
The news of the resignation follows some controversy surrounding the Starknet community over the past few months. As you have been following on Kriptokoin.com, shortly after Starknet’s STRK token became tradable, 1.3 billion tokens were unlocked for core participants and investors. This led to criticism over the timing and market impact. Many developers and node operators were disappointed with the criteria and allocation of the Starknet token airdrop. Many said 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 came under fire again after one of its developers allegedly called community members “e-beggars”. In addition, ZKX, a decentralized exchange based on Starknet, recently shut down abruptly. It faced a significant backlash after that. Prominent investors such as Amber Group and HashKey Capital expressed outrage over the lack of communication and transparency that led to the shutdown.
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