John McAfee Gives Up on His Own Cryptocurrency Project $GHOST

Cybersecurity mogul John McAfee recently dropped out of the $GHOST privacy cryptocurrency project. The project was designed as a privacy-first ecosystem.

McAfee backs out

John McAfee is known to make controversial statements and have frequent run-ins with the law as well. When he associated with the project, he called it the “future” of privacy online. However, it seems that he is not completely in agreement with the developers of the currency because of which he is backing out.

In a tweet, he noted,

“I am abandoning the $Ghost project. Management is incapable of making a success of the project. It will, without a doubt fail,” he tweeted yesterday.”

Ghost was earlier touted as a decentralized, privacy first network that would make users ghosts while making transactions. Just a week ago, McAfee started pumping up to $GHOST. It is the native coin of the Ghost network that works on the proof-of-stake algorithm. He wrote, “The world is full of FUD. Believe none of it. $GHOST is the future.” McAfee is running from the US tax authorities at the moment and suggests that he tried to explain the fundamental principles of management to the team at Ghost but they didn’t pay heed. He also apologized to people who followed his advice on the coin.

$GHOST value collapses

After McAfee went public about his issues with the Ghost network, the value of the coin collapsed. $GHOST price went down by over 50% and reached $0.27 from $0.7 after McAfee tweeted his discontent. The developers are still working on the coin and its team released a statement yesterday, saying that the ambitions of creating a privacy-centric, decentralized coins is still the same.

The team said that the project is much bigger than one person, even if that person is a cybersecurity mogul like McAfee. They also noted that he was not involved in the day to day operations of the coin and has never participated in the technology or creation of the network. They did not comment on the reasons why he left the project.