Matt Dyer has officially stepped down as CEO of Zilliqa Technology, the company announced on Tuesday, as the blockchain project advances toward its highly anticipated upgrade to Zilliqa 2.0.
In a statement posted on X, Zilliqa confirmed Dyer’s departure and said that internal leadership will oversee operations during the interim period. While no specific reason was given for the leadership change, the team noted that a “long-term strategy for the company’s leadership” would be unveiled following the completion of the Zilliqa 2.0 network migration.
“We extend our gratitude for his contributions and wish him success in his future endeavours,” the company wrote.
Post-Bridge Incident Focus
Dyer’s exit comes shortly after Zilliqa experienced one of its most serious technical incidents in recent memory. In early February, the team discovered a critical exploit in its X-Bridge, a cross-chain protocol enabling asset transfers between BNB Chain and Ethereum. The exploit allowed an attacker to mint synthetic versions of native tokens like ETH and BNB without properly locking corresponding assets on either network.
In response, Zilliqa shut down the relayer, paused token manager contracts, and deployed new zETH and zBNB contracts in an attempt to secure user funds and restore trust. Although the immediate price impact was contained, the ZIL token has since continued its long-term decline and now trades more than 90% below its 2021 all-time high, according to crypto.news price tracker.
Road to Zilliqa 2.0
Despite the leadership shake-up, Zilliqa says it remains fully committed to the Zilliqa 2.0 rollout — a major upgrade aimed at enhancing network scalability, interoperability, and decentralization.
“Our primary focus remains on the successful delivery of the enhanced Zilliqa 2.0 network, in alignment with our updated roadmap and timeline,” the team said.
The Zilliqa 2.0 upgrade is expected to include features such as a modular architecture and enhanced smart contract functionality, which developers hope will re-energize the ecosystem and attract more users and dApps to the network.
Stay updated with more developments on this story via TheCoinInfo.
