Digibyte CEO steps down and DGB tanks

Digibyte founder Jared Tate announced he is leaving over the weekend. Upon leaving he took a dig at the culture in the crypto world citing greed as one of the main reasons. 

All 90% of the people care for is cashing out when a coin moons. It’s a primal force. I get that. But everyday I see this tech being used to enrich the few at the expense of the long term good of the many. 

In a series of tweets he explained his reason for leaving in more detail. He said he needed some time off social media and he was leaving to have “a well-earned sabbatical”. 

Deleting twitter to focus mental energy & time on something innovative w/ DGB is what I encourage everyone to do this summer. Three days without any social media on my phone & I haven’t been happier. There is a beautiful life & world outside of here.

As you can see from the daily DGB/USD chart below the market has not taken the news well. The price is around 10% lower on the session after being one of the best performers over the year. It is not clear when the CEO will return but maybe there will be an unwind of some of this selling pressure. Mr Tate said he will still be keeping his holdings of DGB.