BTC is weak, causing altcoins to face larger losses. A negative announcement was made for ZK, with some employees leaving the company. This highlights the challenging environment. What are the details of the announcement?
Why is ZK Coin Dropping?
The company behind the altcoin, MatterLabs, announced it is parting ways with 16% of its employees. Following this, ZK Coin’s price dropped by nearly 5%, risking falling below $0.1. The situation is worsened by BTC attempting to drop below $58,000 at the time of writing.
It has been noted that during US trading hours, crypto tends to decline more. Once again, US markets opened, the country is waking up, and crypto sales are accelerating.
MatterLabs CEO Alex recently wrote:
“Today, I am sharing the most difficult change we have had to make in Matter Labs’ 6-year history. We are restructuring the organization and parting ways with many great team members (~16% of the team). We have already reached out to each affected individual personally.
As the founder and CEO, I take full responsibility for this decision and the decisions leading up to it. To those leaving: I am sorry we had to take this step. It is painful to say goodbye to talented employees for reasons unrelated to their performance. I will explain why we made this decision, how we will support the departing team members, and what this means for Matter Labs moving forward.
As CEO, my job is to keep organizational complexity under control. To avoid such painful adjustments in the future, I will ensure that all new functions and roles we hire align with our long-term strategy and maintain the highest performance standards.”
