ETCDEV: death in detail

The consequences of the prolonged bearish trend are beginning to bear fruit. Last week, the core Ethereum Classic development team, ETCDEV (Ethereum Classic Development Company), announced that it would cease operations.

The initial official version is related to the team's financial difficulties amid a strong market decline. But over the past week, this version has become overgrown with new rumors and details, revealing the true reasons for what is happening.

Version one: losers go overboard!

By the beginning of October, the project’s funds were exhausted and the founder of ETCDEV, Igor Artamonov, said that the company was unable to raise funds due to the bear market.

According to Artamonov, he had to turn to DFG for financial assistance and ETC Labs. However, after granting administrative access to Krykoder to a DFG representative, at their request, the team's access was removed and all projects were copied. This led to the team actually losing control of the code.

Version two: “raider takeover”

After the information takeover, there was a proposal to continue the work of the team under the leadership of ETC Labs. According to Artamonov, ETC Labs and DFG have long been vying for the position of leading developers of the project and ETCDEV perceived the difficulties as an opportunity to lure the team “in full” and strengthen its leading position. 

Version three: unprofessional financial management

 According to reports in recent months, the ETCDEV management team has moved away from the rest of the project participants. McIntyre and Artamonov’s adherence to the ideological principles of Ethereum Classic increasingly resembled fanaticism and prevented them from making the right business decisions.  Keeping most of your assets in cryptocurrencies during a bear market has resulted in serious financial losses. Irrational financial management, according to many, was the main reason for the closure of the team.