Dan Larimer, the chief technology officer of Block.one, has resigned from the post as he wanted to work on other projects. Larimer’s resignation has caused the price value of EOS to decrease by 28% in the previous 24-hours.

Reasons behind Resignation

Larimer explained the reasons why he left the company in a blog post. He wanted to develop new technologies that would secure users’ privacy and security in a world where all mainstream companies manipulate user data.

“I have come to believe that you cannot provide ‘liberty as a service’ and therefore I will focus my attention on creating tools that people can use to secure their own freedom,” ex-CTO said.

He founded Block.one in 2017 and helped in collecting $4 billion during the initial coin offering. People in the crypto community considered it a strong competitor to Ethereum, the company behind the second-largest coin by market cap.

However, the company never succeeded in the promise of full decentralization and other things. Instead, there arose many technical issues, such as centralization control over the network and developers’ cost involved in the network.

Larimer is also known as a founder of Bitshares, one of the earliest cryptocurrency exchanges. He founded it in 2013 with Charles Hoskinson.

He is also involved in the creation of Voice and Steemit. Both Voice and Steemit are blockchain-based social media platforms that are competitors of traditional social sites. However, Steemit was later acquired by Justin Sun, head of the major crypto project Tron.

It recently reported that the microblogging site Twitter blocked the account of the US President Donald Trump. On this action, Larimer criticized Twitter and asked people to join Voice. “It’s time to abandon Twitter,” he added.

One of the important executive members’ resignation has created a harmful situation for the EOS price value. Standing at rank 16, EOS is standing at a tag price of $2.78. In the past 24-hours, the cryptocurrency has decreased by more than 27%. Over the weak, the price value of the coin has plunged by over 11%.

It is a bad day for cryptocurrency markets as the majority of crypto coins have lost significant value. Top digital coin Bitcoin is exchanging hands at $35,706 after decreasing by 16.18% in the last 24-hours. Ethereum, the second-largest coin by market cap, has also plunged by 18.98% over the day.