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- ETC could be the first victim of the collapse of the cryptocurrency market.
- ETC / USD has lost over 6% in the last 24 hours.
Ethereum Classic is at risk because the developer team abandons the project due to funding problems. The announcement was made in the official Twitter account of ETCDEV.
"Unfortunately ETCDEV can not continue working in the current situation and must announce the closure of our current activities," he says.
The developers explained that they started experiencing financial problems several weeks ago when the cryptocurrency market collapsed again and left the team in shallow water.
"We have appealed to investors both in the ecosystem and outside: we have also made the community fund, but in none of these cases have we been successful in securing short-term funding," they complained.
According to the results of the Twitter vote, 61% of the community refused to support the project.
Following the news, ETC / USD fell to $ 4.4; however, the currency managed to recover at $ 4.71 at the time of writing, down more than 6% in the last 24 hours. The currency came to life following the hard blockchain of Ethereum in the summer of 2016, when a part of the community refused to migrate to a new chain.
ETC / USD, daily chart
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