Tuesday, October 4, 2022
HomeAltcoinsFantom's (FTM) CEO clarifies Andre Cronje's resignation

Fantom’s (FTM) CEO clarifies Andre Cronje’s resignation

Michael Kong, CEO and CIO of Fantom (FTM) Foundation, has stepped out to clarify Anton Nell’s recent statement. Developers Andre Cronje and Anton Nell announced their resignation from the Defi and crypto space in a tweet. The declaration of developers drove the Fantom (FTM) and Yearn Finance (YFI) tokens into free fall.

In a series of tweets, Michael Kong clarified and explained how the resignation of Andre Cronje and Anton Nell would have no effect on the projects’ progress. He referred to all of the negative news about Fantom as ‘misinformation,’ and he shared some updates. Anton previously said that they would be discontinuing 25 applications and services by April 3, 2022.

The CEO of FTM has requested that the developers ‘terminate their involvement’ in 25 distinct projects rather than ‘terminate the projects.’ After they go, the task will be passed on to the current teams. He emphasised that these programmes would not be shut down since some of them have been functioning independently for years.

Yearn.finance (YFI) and Fantom (FTM) started to drop on the news. According to reports, YFI fell 13 percent yesterday, while FTM fell 15 percent. Cronje’s leaving speculations are said to have originated on social media after he updated his LinkedIn profile.

On the other hand, FTM has risen by almost 2% in the previous 24 hours. At the time of publication, the coin was trading at an average price of $1.44 while its 24-hour trading volume of $2,136,473,923 increased by 54%.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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