The news triggered an immediate nosedive for assets tied to Cronje and Nell’s projects, with YFI dropping 11% in the space of two hours and FTM slumping 14%. Active developers scrambled to reassure users of their business-as-usual approach.
Cronje and Nell offered no explanation, with less than a month until their exit date, April 3rd. Nell stressed that their decision is not a “knee jerk reaction to the hate received from releasing a project”, hinting that they have been contemplating it for a while.
Speculations quickly overcame crypto Twitter. The DeFi Edge suggested that Cronje, a builder-at-heart, struggled to handle the managerial side of his projects. Indeed, Cronje expressed his dejection as early as 2020. He has now deactivated his Twitter account.