Zilliqa Technology announced that Matt Dyer has stepped down as CEO, two months after the company faced a critical security breach affecting its cross-chain X-Bridge protocol. According to an official statement released via social media, internal leadership will temporarily manage daily operations as the company progresses toward the launch of Zilliqa 2.0. No specific reason was given for Dyer’s departure, though the announcement indicates further details regarding the company’s long-term leadership strategy will be communicated following the network transition.
Dyer’s resignation comes during a challenging period for Zilliqa. Earlier in February, the company uncovered a significant exploit targeting X-Bridge, a tool designed for moving assets between Ethereum and the BNB Chain ecosystems. Attackers had manipulated the protocol, minting tokens on the bridge without collateralizing the equivalent amount on Ethereum or the BNB Chain. To mitigate the damage, Zilliqa temporarily halted the bridge’s relayer service, paused specific token management contracts, and deployed new contracts for zETH and zBNB tokens.
Although immediate token price impact was minimal following the discovery of the exploit, the aftermath has seen sustained declines. Currently, Zilliqa’s native token, ZIL, is trading down more than 90% from its 2021 peak price.
Despite these setbacks, company representatives emphasize their unwavering commitment to rolling out the upgraded Zilliqa 2.0 network, adhering strictly to their previously established roadmap and timeline.
