Zilliqa CEO Matt Dyer steps down as the team focuses on delivering Zilliqa 2.0 following recent bridge recovery efforts.
Zilliqa Technology has announced that Matt Dyer has resigned from his position as chief executive officer as the firm moves closer to a significant transition to its improved Zilliqa 2.0 network.
On Tuesday, the company announced in a post on X that “internal leadership will oversee daily operations as we progress toward the migration to Zilliqa 2.0.” The transition will take place during the interim period.
There was no explanation provided by the Zilliqa team regarding the cause for the leadership change; however, they did state that a “long-term strategy for the company’s leadership” will be communicated following the changeover of the network.
After a challenging time for the company, Dyer decided to leave his position. Zilliqa discovered a serious vulnerability on X-Bridge, which is a cross-chain bridge with the purpose of transferring assets between BNB Chain and Ethereum, around the beginning of February.
Through the use of the exploit, the attacker was able to mint Zilliqa-bridged versions of native currencies on Ethereum and the BNB Chain without locking the appropriate number of assets on these networks.
Reacting to the situation, Zilliqa terminated the relayer, put token manager contracts on hold, and implemented new contracts for zETH and zBNB. The price of the ZIL token has declined by more than 90 percent since it reached its all-time high in 2021, according to data from the price tracking page on crypto.news.
Although the incident did not instantly cause the price of the ZIL token to plummet, it did add to its decline. In response to the most recent transitional step, the team stated that it is continuing to concentrate on the network upgrade. They went on to say that their “primary focus remains on the successful delivery of the enhanced Zilliqa 2.0 network, in alignment with our updated roadmap and timeline.”
