ETCDEV, a leading Ethereum Classic (ETC) development company that created and maintains a number of network products, has fallen victim to the ongoing 2018 bear market and is shutting down operations this week.
Unfortunately ETCDEV cannot continue to work in the current situation and has to announce shutdown of our current activities pic.twitter.com/N6xWnpBNJJ
— Emerald (@getemerald) December 3, 2018
According to its announcement, ETCDEV made the decision to shut down as it struggled to secure funding and its reserves dried up due to the market crash.
“We appealed to investors in the ecosystem as well as external to it. We also did to the community fund, but in none of those cases were we successful in securing short-term financing,” reads the announcement.
Oddly enough, ETCDEV potentially missed out on an opportunity to receive $150,000 from the Ethereum Foundation, which, perhaps mistakenly, made a donation in ETC to the ETC Cooperative. In making the donation, the Ethereum Foundation made multiple references to technologies that were actually developed by ETCDEV.
After ETCDEV tweeted the announcement, there was some discussion between ETC Cooperative and ETCDEV developers attempting to find a solution. However, this appears to have not gone anywhere, as recent tweets suggest the shutdown is still happening.
ETC is currently down 6% over the last 24 hours to $4.72, giving it a $503.2 million market cap and making it the 17th largest cryptocurrency.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.