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👆🏻 Click the "X" symbol after "Trader Assassin" above to contact me Founder of Assassin Community, co-initiator of Oasis University, member of the Hong Kong Web3 Association. In 2016, I was fortunate to meet Xu Xingxing, Mr. Xu, who later joined OKX Node. In 2024, he ranked first in the Bitget Chinese Trading Competition, and in 2025, he ranked first on the OKX trader copy trading chart! I hope all friends in blockchain can build blockchain together and work together for a common cause!

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Talking about ZEC really has a bit of a dark humor flavor. A coin that prides itself on "absolute privacy" ultimately falls because of the fact that "no one can prove whether the vulnerability has been exploited." First, looking at the surface: the incomplete elliptic curve constraint vulnerability in the Orchard protocol basically means there was a backdoor-level loophole in the code, allowing attackers to conjure ZEC out of thin air, and it’s completely invisible on-chain. The vulnerability has been lurking since May 2022, nearly four years before it was discovered. What’s even more painful is that the discovery wasn’t made by a top security team, but by someone who wrote an exploit program using Claude Opus 4.8—AI is indeed lowering the barrier for finding vulnerabilities. But what really crashed the market wasn’t the vulnerability itself, but the backlash from Zcash’s privacy features. For ordinary public chains, if there’s a vulnerability, you can trace back, audit, and prove whether anything was stolen. Zcash doesn’t allow that—it’s designed so you can’t see anything. So now no one can answer the most critical question: over the past four years, has this vulnerability been quietly exploited? No one knows, and cryptographically it can never be proven. It’s like your home safe has a hole, but you don’t know if anything’s been taken. The rational approach is to assume it has been stolen. That’s exactly how the market reacted, dropping 40% in a single day, nearly halving in value, and it’s completely justified. Then there’s the whale Garrett Jin, who built a short position of 57,460 ZEC around May 23, about two weeks before the public disclosure. The current unrealized profit is $16.48 million, ranking first on Hyperliquid’s unrealized profit leaderboard. If you say this was purely from technical analysis, I’m not buying it. Zcash is a second-tier privacy coin with relatively shallow liquidity; daring to place such a heavy short at this timing likely means the information source wasn’t public. That two-week lead time is glaring. Overall, this incident’s impact on ZEC goes beyond price. It shakes a core assumption of privacy coins: you can hold with confidence because no one can see what you’re doing. Now, even holders can’t see if the vulnerability has been exploited. This trust fracture is hard to repair. There might be a short-term oversold rebound since the short positions are so crowded, but in the long run, Zcash’s "un-auditable privacy" turns from a selling point into a fatal flaw. If the project team can’t come up with at least a "privacy with auditability" solution, this coin basically only has speculative value left. As for the whale who shorted early, all I can say is—this story isn’t over yet. #ZEC日内腰斩：Orchard协议无限增发漏洞 $BTC $ETH $ZEC

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