Fantom (FTM) CEO Clears Confusion Over Andre Cronje’s Departure; FTM Token Down 15%

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

Will Cronje’s Departure affect FTM?

Michael Kong in a thread of tweets clarified and explained how Andre Cronje and Anton Nell leaving the space will not affect any development in the projects. He termed all the news floating against Fantom as the ‘misinformation’ and shared some updates. Earlier, Anton said that there are 25 apps and services that they are terminating on 03 April 2022.

FTM CEO directed that the developers are ‘terminating their involvement’ in 25 different projects and not ‘terminating the projects’. The work will be handed over to the existing teams after their exit. He highlighted that these projects will be not be closed down as some of them are already been running independently for years.

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

7/ Snapsync: Fast syncing in a fraction of the time of a full node: https://t.co/Tlc7nuujyM

— Michael Kong (@michaelfkong) March 7, 2022

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

The team effort is what allowed Fantom to become one of the most utilized and loved decentralized networks in world.

Hundreds of developers build on Fantom daily and 100k+ unique address use Fantom every day.

Contrary to some popular belief, Andre wasn't a core dev at Fantom.

— Fantom Foundation (@FantomFDN) March 6, 2022

Cronje’s decision left FTM 15% down

Cronje’s decision to exit the industry left cryptocurrencies associated with him bleeding. yearn.finance (YFI) and Fantom (FTM) saw a freefall just after the announcement. It is being reported that yesterday, YFI dropped by 13% while FTM plunged by 15 %. It is being reported that Cronje’s departure rumors started from social media when he changed his bio on LinkedIn.

However, FTM saw a rise of around 2% in the last 24 hours. The coin has been trading at an average price of $1.44, at the press time. While its 24-hour trading volume of $2,136,473,923 saw an uptrend of 54%.