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Zcash volume surged 12x before privacy bug news, with $72M shorts profiting $3.43M as ZEC price dropped 38-45%.

Market News
10 Jun 2026, 15:53 WIB
Crypto Briefing
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Bearish
Zcash volume surged 12x before privacy bug news, with $72M shorts profiting $3.43M as ZEC price dropped 38-45%.

Five wallets opened $72 million in short positions on Zcash (ZEC) futures three days before a critical privacy bug was publicly disclosed, causing a 12-13x spike in trading volume on Hyperliquid. When the vulnerability was revealed on May 29, ZEC's price plunged 38-45% within 24 hours, allowing these wallets to gain about $3.43 million. The bug, present since 2022, affected Zcash's zero-knowledge proof system, undermining its privacy features. An emergency hard fork patched the flaw, but the incident raises concerns about possible insider knowledge or undisclosed private research in decentralized markets.

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