Michael Kong, CEO and CIO of Fantom (FTM) Foundation has come forward to clear the air of Anton Nell’s recent statement. Developers Andre Cronje and Anton Nell announced in a tweet that they are leaving Defi and crypto space. The developers’ statement sent the Fantom (FTM) and Yearn Finance (YFI) tokens into free fall.

Will Cronje’s departure affect FTM?

Michael Kong clarified in a series of tweets, explaining how Andre Cronje and Anton Nell leaving the space will not affect the development of the projects. He called all the news spread against Fantom the “misinformation” and shared some updates. Earlier, Anton said there are 25 apps and services that they will end on April 3, 2022.

FTM CEO indicated that the developers are ‘ending their involvement’ in 25 different projects and not ‘ending the projects’. The work will be handed over to the existing teams after their departure. He emphasized that these projects will not be discontinued as some have been running independently for years.

Before Fantom, Kong said that operationally nothing will change here and assured that all developers are working hard on the next updates.

However, the Fantom Foundation yesterday tried to clear up confusion over Andre Cronje and Anton Nell’s decision. The FTM assured that they are not a one-man team and that they will not be affected by Andre’s decision.

Cronje’s decision left FTM 15% behind

Cronje’s decision to leave the industry caused cryptocurrencies associated with him to bleed. yearn.finance (YFI) and Fantom (FTM) saw a free fall just after the announcement. YFI is reported to be down 13% yesterday while FTM is down 15%. It is reported that Cronje’s departure rumors started on social media when he changed his bio on LinkedIn.

However, FTM saw an increase of about 2% in the past 24 hours. The coin was trading at an average price of $1.44 at press time. While the 24-hour trading volume of $2,136,473,923 saw a 54% uptrend.


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About the author

Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he plays video games, watches a thriller or participates in outdoor sports. Reach me at [email protected]

This post Fantom (FTM) CEO Confuses Andre Cronje Departure; FTM Token Down 15%

was published first on https://coingape.com/fantom-ftm-ceo-clears-confusion-over-andre-cronjes-departure/


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