Matt Dyer has resigned as CEO of Zilliqa as the team turns its attention to launching Zilliqa 2.0 after recent recovery actions concerning the bridge.
The announcement was made by Zilliqa Technology, indicating that Dyer’s departure comes at a critical time as the project transitions to the upgraded Zilliqa 2.0 network.
In a recent post on X, the company mentioned that “internal leadership will manage day-to-day operations during this transitional phase as we move towards the rollout of Zilliqa 2.0.” The team did not elaborate on the circumstances surrounding the leadership change but indicated that further details regarding a “long-term strategy for the company’s leadership” will be released following the network upgrade.
“We extend our gratitude for his contributions and wish him success in his future endeavours.”
Zilliqa
Dyer’s resignation follows a challenging time for the company. Earlier in February, Zilliqa discovered a significant vulnerability in X-Bridge, a cross-chain connector used for transferring assets between the BNB Chain and Ethereum. This exploit allowed an attacker to create Zilliqa-bridged versions of native currencies on Ethereum and BNB Chain without the requisite amount of assets being locked on either network.
In response to this exploit, Zilliqa took immediate action by disabling the relayer, freezing token manager contracts, and deploying new zETH and zBNB contracts. Although this incident did not lead to an immediate drop in the price of the ZIL token, it has contributed to its overall decline, with current data indicating the token is now over 90% below its peak in 2021.
Regarding the latest changes, the team stated that they remain dedicated to the network upgrade, asserting, “Our main priority continues to be the successful launch of the improved Zilliqa 2.0 network, in line with our updated roadmap and timeline.”