Starknet Foundation CEO Diego Oliva Resigns, STRK Token Loses Altitude!

The Starknet Foundation announced that its first CEO, Diego Oliva, has stepped down from his position, which he has held since March 2023.

Starknet Foundation CEO Diego Oliva has stepped down from his role, with James Strudwick taking over as executive director.

The Starknet Foundation has announced that its first CEO, Diego Oliva, has left the role he has held since March 2023.

“James Strudwick, who joined the Foundation in January 2024, will assume the role of Executive Director to continue to grow the Starknet ecosystem and adoption,” the organization said in a statement early Tuesday morning.

During Oliva's tenure, Starknet launched several ecosystem development initiatives, including “DeFi Spring, Seed Grants, and Catalyst and Propulsion programs,” and the Provisions project.

The foundation also signed agreements with over 100 infrastructure teams, the statement adds.

Oliva will remain with the foundation for the next month to assist in the transition.

Following the development, Starknet's native token STRK took a hit.

The altcoin dropped towards the $0.38 level from $0.39, where it rose during the day.

At the time of writing, STRK was trading at $0.3823, up around 6% on the day.

However, this gain is deceptive as it comes after yesterday's steep loss.

Thus, the altcoin is down over 23% on the weekly chart.

Token airdrop drama behind the resignation?

The news of the resignation comes amid some controversy surrounding the Starknet community in recent months.

As reported, shortly after Starknet's STRK token became tradeable, 1.3 billion tokens were unlocked for core contributors and investors.

This sparked criticism over the timing and the market impact.

Several developers and node operators were left disappointed by the criteria and allocation of the Starknet token airdrop.

Many claimed to have contributed substantially to the ecosystem but received little to no tokens, which even led to a massive backlash on social media.

Following the controversial airdrop, the project came under fire again after one of its developers allegedly called community members “e-beggars.”

Moreover, ZKX, a decentralized exchange built on Starknet, recently shut down abruptly.

It faced a significant backlash after that, with prominent investors like Amber Group and HashKey Capital slamming the lack of communication and transparency that led to the closure.

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