Fantom drops 22% after key personnel exit

economictimes.indiatimes.com:

Fantom (FTM) has fallen 22 per cent in the last 24 after key personnel associated with its project announced departure. Fantom has been under severe pressure following a tweet from Anton Nell, a senior solutions architect and his colleague Andre Cronje, a prolific developer, that they are leaving Fantom Foundation, without citing a reason. Fantom dropped about 22 per cent to hit lows of $1.32 on Monday, according to the data from Coinmarketcap. The token has dropped about 60 per cent of its value from its peak of $3.3, scaled on January 16, 2022.

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Prices for dozens of tokens are plunging on the news. Several apps, developed by the duo, will also be shutting down with their exits, said Raj A Kapoor, Founder, India Blockchain Alliance. «The price fluctuation is a response to the news reiterates just how critical an individual can be to a crypto's value.» Many observers assumed such an announcement was imminent, as Cronje deleted his Twitter account. After an update on Linkedin, his account reflected that his association with Fantom Foundation as an advisor has ended. Edul Patel, CEO and Co-founder of Mudrex sees more pain coming in, but has a firm belief that Cronje's exit does not have the ability to impact the decentralized finance (DeFi) space. «Though, we might see some sell-off initially,» he added. According to Patel, there are several other developers building on the DeFi space. «These developers will continue building and improving the sector. One person’s exit is only causing turmoil because of the sudden change,» he said. His exit, analysts said, some profit booking can not be ruled out as investors may