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Project Overview
Zcash is a privacy-preserving cryptocurrency that provides anonymous value transfer using zero-knowledge cryptography. The protocol offers the option to make transactions either shielded, which will be completely anonymous, or transparent, which will be visible on the Zcash blockchain.
Ignas：代币经济学创新并未“死去”，加密行业正重新尝试新机制
DeFi 研究员 Ignas 发文表示，自己原本担心代币经济学创新已经停滞，但事实并非如此。在经历一个周期的低流通量、高 FDV 代币发行后，加密行业正重新尝试新的代币机制，例如： 1、ZCAT 通过 3%转账税为持有者提供 ZEC 奖励； 2、BUN/Mosh 通过“Bundle Launch”让资金支持者分享交易手续费但无法提取 LP； 3、STONK 将手续费收入用于按市值加权回购并销毁排名前 15 的合规代币； 4、VVV/DIEM 允许质押 VVV 铸造 DIEM，再通过质押 DIEM 获得每日 AI 额度；5、ORBIO 则将交易手续费转化为质押者的 AI 额度； 6、BP 则要求质押至少 1 年以获得未来 IPO 股权转换资格，并根据项目增长里程碑决定代币供应解锁。 Ignas 认为，这些项目的共同点是尝试让代币不再只是融资工具，而是具备实际价值，不过也提醒社区许多机制仍依赖投机者持续交易，“投机”依然主导着加密市场。
Coldcard 2021 Firmware Vulnerability Led to Over $100 Million in Bitcoin Theft
Odaily News: A 2021 firmware vulnerability in the hardware wallet Coldcard resulted in insufficient randomness in some recovered seeds. Since July 30, attackers have transferred approximately 1,600 to 1,800 BTC from affected wallets, involving thousands of addresses, with an estimated value exceeding $100 million.Coldcard manufacturer Coinkite stated that it must be assumed that someone used AI to review its public firmware. The vulnerability has existed for about five years, and whether AI was involved in the related attacks has not yet been confirmed.Shielded Labs researcher Taylor Hornby used a Claude Opus 4.8 audit agent and discovered a vulnerability in the Zcash Orchard shielded pool circuit dating back to 2022, which in testing could generate unlimited counterfeit ZEC without a trace. Developers completed the fix within days, and no theft of coins has been confirmed.Statistics from blockchain analytics firm Chainalysis show that on-chain writes carrying malware instructions and command-and-control information rose from about 2.06 per day to 11.1 per day, an increase of 440%. (Bitcoin.com News)
ZachXBT Slams zkSNARKs: Calls It an Ordinals Scam, Raised $17 Million With Zero Practical Utility
On-chain analyst ZachXBT (@zachxbt) disclosed that the recently launched 10K PFP NFT project zkSNARKs on the Zcash chain is allegedly a rug pull. The project attracted a total of 16,971 bids via a blind auction, ultimately completing the allocation of 8,000 items at a clearing price of 1.5 ZEC (approximately $2,190). Total trading volume reached 25,305 ZEC (approximately $36.94 million), and refunds totaling 13,309 ZEC (approximately $19.43 million) have been progressively returned. ZachXBT noted that the project raised approximately $17 million, while incorporating a 10% team allocation, 5% royalties, and a minting fee of around $2,000, yet offered zero utility. This mirrors the typical "rug pull" strategy commonly seen in Ordinals-style projects.
Fortitude Appoints Former Hut 8 CEO Leverton to Lead NASDAQ Listing Plan
According to CoinDesk, Zcash mining company Fortitude Mining Holdings announced the appointment of former Hut 8 CEO Jaime Leverton as chief executive officer, who will officially take office on September 21. Outgoing CEO Andrea Childs will step into the role of chief operating officer. Leverton previously led Hut 8’s merger with US Bitcoin Corp and drove its transition to a U.S.-domestic operation. Fortitude plans to go public by merging with NASDAQ-listed HeartSciences (HSCS). Upon completion, the combined company’s ticker will change to “TUDE,” with the transaction expected to close in the fourth quarter and valuing the post-merger entity at at least $400 million. Spun off from Foundry in January 2025 by Barry Silbert’s Digital Currency Group, Fortitude currently operates over 60 megawatts of power capacity across South Dakota, Nebraska, Texas, and New York. It mined 72,696 ZEC in the first half of the year, accounting for approximately 28% of the network’s total output during that period, while Q2 revenue reached $20.9 million.
Zcash mining firm Fortitude plans to list on Nasdaq at a valuation of at least $400 million, appoints former Hut 8 CEO as CEO
Odaily News: Fortitude, a mining firm focused on Zcash mining, has appointed former Hut 8 CEO Jaime Leverton as CEO and plans to list on Nasdaq through a merger with HeartSciences. Andrea Childs will serve as COO.In the first half of 2026, Fortitude produced approximately 28% of the total ZEC output during the same period, with second-quarter revenue of $20.9 million. The implied valuation of the proposed combined company may be at least $400 million. (CoinDesk)
Paradigm Co-founder: Zcash Developer Fund Is Crucial, Pure Coin-Holder Voting May Undermine Long-Term Trust
Paradigm co-founder Matt Huang posted on the X platform outlining some views on Zcash. He stated that blockchain ecosystems generally face the challenge of long-term funding sources, especially for public goods financing, and that funding developer funds through an inflation mechanism is a viable approach. He believes that amid the backdrop of AI-enhanced cyberattack capabilities and the rapid development of quantum technology, the Zcash developer fund remains highly significant.Matt Huang also stated that as Zcash gains greater acceptance and adoption as a privacy supplement to Bitcoin, governance relying purely on coin-holder voting may introduce unpredictability and affect its ability to build long-term trust as a monetary asset. Therefore, Zcash is better suited to combining coin-holder voting with other governance approaches. Matt Huang also disclosed that Paradigm is an investor in ZEC and ZODL.In the early hours of today, ZEC briefly broke above $1,385, setting a new all-time high.
Zcash 组织 PGPZ 获聘说客游说华盛顿政策
Zcash 倡导组织 PGPZ 正式聘请 Divij Pandya 担任首位说客，旨在向华盛顿推进《数字资产市场清晰度法案》及加密税改提案。
Bitget hacker transfers $3.9 million in ZEC into Zcash privacy pool
Odaily reports: A wallet linked to the $387.5 million Bitget exploit transferred 2,746 ZEC into Zcash's Ironwood privacy pool on Wednesday across three transactions, worth approximately $3.9 million.The funds account for roughly 15% of the ZEC stolen on September 24. The Ironwood privacy pool can conceal the sender, recipient, and transfer amount, but investigators may still be able to trace the path of funds returning to public addresses through transaction timing and amounts. (CoinDesk)
Gemini Co-founder: Zcash Hype Feels Like the 2019 Crypto Market
Odaily reports: Gemini co-founder Tyler Winklevoss said the current market hype around privacy coin Zcash is reminiscent of the 2019 crypto market, when Bitcoin had just emerged from the 2018 bear market and market attention shifted toward institutional infrastructure and custody.Zcash launched in 2016 and uses zero-knowledge proofs to enable private transactions. It has long faced regulatory scrutiny, and some exchanges have delisted it. According to CoinGecko data, the price of ZEC rose from about $511 in January 2026 to $1,335.51 on September 16. Since receiving approval from New York State in 2018, Gemini has become the first licensed exchange to offer Zcash trading and custody services.
Ignas：代币经济学创新并未“死去”，加密行业正重新尝试新机制
DeFi 研究员 Ignas 发文表示，自己原本担心代币经济学创新已经停滞，但事实并非如此。在经历一个周期的低流通量、高 FDV 代币发行后，加密行业正重新尝试新的代币机制，例如： 1、ZCAT 通过 3%转账税为持有者提供 ZEC 奖励； 2、BUN/Mosh 通过“Bundle Launch”让资金支持者分享交易手续费但无法提取 LP； 3、STONK 将手续费收入用于按市值加权回购并销毁排名前 15 的合规代币； 4、VVV/DIEM 允许质押 VVV 铸造 DIEM，再通过质押 DIEM 获得每日 AI 额度；5、ORBIO 则将交易手续费转化为质押者的 AI 额度； 6、BP 则要求质押至少 1 年以获得未来 IPO 股权转换资格，并根据项目增长里程碑决定代币供应解锁。 Ignas 认为，这些项目的共同点是尝试让代币不再只是融资工具，而是具备实际价值，不过也提醒社区许多机制仍依赖投机者持续交易，“投机”依然主导着加密市场。
Xie Jiayin: Attack paths and methods have been precisely identified, and the stolen funds will be fully covered by the user protection fund.
Xie Jiayin, Head of Greater China at Bitget, announced the latest updates on the security incident, stating that the security team has accurately identified the hackers' attack vectors and methodologies, and obtained details on how the attackers bypassed security protocols. Tracing the attack back to its source is now highly imminent. Third-party security firms Mandiant and SlowMist are continuing their incident investigation and will release a detailed report subsequently. On-chain tracking confirms that approximately $387.5 million in assets were transferred to attacker addresses, an upward revision from the previously estimated $351.6 million. This adjustment simply incorporates ZEC and TRX into the total and does not indicate any new assets were stolen. No other unauthorized transfers have been detected. Bitget stated that all stolen funds at the platform level will be fully covered by the User Protection Fund, ensuring user assets remain unaffected. Bitget has also officially launched its Fund Recovery Bounty Program. Individuals or entities that voluntarily freeze or proactively retrieve attacker funds will be eligible for a 5% bounty, with prior assistance remaining eligible. The platform has published the attacker's addresses, a real-time fund tracking dashboard, and an information submission portal, and pledged to announce withdrawal times by 12:00 PM on September 26.
Privacy coin sector market cap increased by $24.54 billion over 5 months, with ZEC and XMR leading growth
Odaily News: Over the past five months, the market cap of the privacy coin sector grew from $11.97 billion to $36.51 billion, an increase of $24.54 billion, or approximately 205%. Among them, Zcash (ZEC) market cap increased by $20.27 billion, while Monero (XMR) increased by $4.33 billion.In January, the U.S. Securities and Exchange Commission (SEC) concluded its investigation into the Zcash Foundation without recommending enforcement action. On August 25, digital asset management company Grayscale converted Zcash Trust into the ZCSH spot ETF and listed it on NYSE Arca, making it the first listed privacy coin spot ETF in the United States.On September 8, Digital Currency Group (DCG) exchanged ZEC for approximately $100 million worth of ZCSH ETF shares. During the same period, the price of ZEC rose from $319 to $1,507, while XMR rose from $330 to $555. (Bitcoin.com News)
U.S. ZEC Spot ETF Records Single-Day Total Net Outflow of $28.259 Million
Odaily News: According to SoSoValue data, yesterday (U.S. Eastern Time, October 1), ZEC spot ETFs recorded a single-day total net outflow of $28.259 million.Yesterday, the Zcash ETF (ZCSH) saw a net outflow, with a single-day net outflow of $28.259 million, while its historical cumulative net inflow currently stands at $239 million.As of press time, the total net asset value of ZEC spot ETFs is $818 million, with a ZEC net asset ratio of 3.61%, and cumulative historical net inflows have reached $239 million.
A trader with $1.4M in cumulative losses holds a $11.38M ZEC long position
According to Onchain Lens monitoring, a Hyperliquid trader holds a long position of 8,065 ZEC worth $11.38 million, with an entry price of $1,457.6, unrealized losses of $379,700, cumulative losses of $1.4 million, having paid $87,700 in funding fees, and a liquidation price of $1,363.9. Two hours ago, a ZEC position worth $3.11 million in this account was liquidated, resulting in a loss of $190,100.
Bitget hacker transfers $3.9 million in ZEC into Zcash privacy pool
Odaily reports: A wallet linked to the $387.5 million Bitget exploit transferred 2,746 ZEC into Zcash's Ironwood privacy pool on Wednesday across three transactions, worth approximately $3.9 million.The funds account for roughly 15% of the ZEC stolen on September 24. The Ironwood privacy pool can conceal the sender, recipient, and transfer amount, but investigators may still be able to trace the path of funds returning to public addresses through transaction timing and amounts. (CoinDesk)
ZachXBT: Bitget attacker begins transferring approximately 2,700 ZEC to the Ironwood mixer.
链上侦探 ZachXBT 发文表示，Bitget 被盗事件中疑似朝鲜关联的攻击者已开始将约 2700 枚 ZEC（约 380 万美元）转入 Zcash 的 Ironwood 屏蔽池。Bitget 热钱包此前共被盗约 1.89 万枚 ZEC，价值约 2830 万美元。
A whale has withdrawn ZEC worth $20 million in total, extracting 14,190 coins from Binance and Gate over the past month
According to Onchain Lens monitoring, a whale withdrew 2,640 ZEC from Binance two hours ago, worth approximately $3.72 million. Over the past month, this address has withdrawn a cumulative total of 14,190 ZEC from Binance and Gate, worth approximately $20 million.
Cumulative profit of $12.65 million, a Hyperliquid whale closed multiple long positions, gaining $1.604 million
According to Onchain Lens monitoring, a Hyperliquid whale closed multiple profitable long positions an hour ago, including $941,000 profit on an AAVE long, $400,000 on a ZEC long, $216,000 on a JUP long, and $47,000 on an ENA long. The cumulative profit reached $12.65 million.
Zcash Founder: Recently Distributed Over $8M in Retroactive Funding to Contributors
Zcash founder Zooko Wilcox stated that Zcash recently distributed over $8 million in retroactive funding to contributors, with several million dollars allocated to reward those who volunteered to protect users during this year's AI vulnerability crisis.
Bitget hacker transfers $3.9 million in ZEC into Zcash privacy pool
Odaily reports: A wallet linked to the $387.5 million Bitget exploit transferred 2,746 ZEC into Zcash's Ironwood privacy pool on Wednesday across three transactions, worth approximately $3.9 million.The funds account for roughly 15% of the ZEC stolen on September 24. The Ironwood privacy pool can conceal the sender, recipient, and transfer amount, but investigators may still be able to trace the path of funds returning to public addresses through transaction timing and amounts. (CoinDesk)
ZachXBT: Bitget attacker begins transferring approximately 2,700 ZEC to the Ironwood mixer.
链上侦探 ZachXBT 发文表示，Bitget 被盗事件中疑似朝鲜关联的攻击者已开始将约 2700 枚 ZEC（约 380 万美元）转入 Zcash 的 Ironwood 屏蔽池。Bitget 热钱包此前共被盗约 1.89 万枚 ZEC，价值约 2830 万美元。
Zcash to Posthumously Award $1.5 Million Bounty to Orchard Vulnerability Researcher
Voting results for the Zcash Q3 Token Holder Targeted Retroactive Funding Program indicate that both bounty proposals for Taylor Hornby, discoverer of the Orchard counterfeit coin vulnerability, have been approved. The awards include a $750,000 vulnerability bounty requested by himself, along with an additional $750,000 bonus nominated by community members, totaling $1.5 million. In accordance with regulations, recipients are required to complete subsequent steps including identity verification (KYC) and fund disbursement.
Xie Jiayin: Attack paths and methods have been precisely identified, and the stolen funds will be fully covered by the user protection fund.
Xie Jiayin, Head of Greater China at Bitget, announced the latest updates on the security incident, stating that the security team has accurately identified the hackers' attack vectors and methodologies, and obtained details on how the attackers bypassed security protocols. Tracing the attack back to its source is now highly imminent. Third-party security firms Mandiant and SlowMist are continuing their incident investigation and will release a detailed report subsequently. On-chain tracking confirms that approximately $387.5 million in assets were transferred to attacker addresses, an upward revision from the previously estimated $351.6 million. This adjustment simply incorporates ZEC and TRX into the total and does not indicate any new assets were stolen. No other unauthorized transfers have been detected. Bitget stated that all stolen funds at the platform level will be fully covered by the User Protection Fund, ensuring user assets remain unaffected. Bitget has also officially launched its Fund Recovery Bounty Program. Individuals or entities that voluntarily freeze or proactively retrieve attacker funds will be eligible for a 5% bounty, with prior assistance remaining eligible. The platform has published the attacker's addresses, a real-time fund tracking dashboard, and an information submission portal, and pledged to announce withdrawal times by 12:00 PM on September 26.
Bitget CEO: Stolen Funds Revised to $387.5 Million, Withdrawal Plan to Be Announced on September 26
Bitget CEO Gray Chen posted on X platform that following the security incident, on-chain tracking confirmed the attacker's address received a total of $387.5 million in assets, revised upward from the previously disclosed $351.6 million.Gray Chen stated that the revised amount incorporates Zcash and TRON assets that were not fully accounted for previously, and does not represent newly stolen funds. No unauthorized transfers have occurred since the incident, and the situation remains under control. Bitget has launched a Recovery Bounty Program, offering a 5% bounty to each party that voluntarily assists in freezing the attacker's funds or recovering the funds. The exchange has also launched a real-time tracking dashboard, an information submission portal, and an attacker address API, while supporting reports submitted through Bybit's Lazarus Bounty platform. Bitget is currently making full preparations to resume withdrawals, with a specific withdrawal plan to be announced before 4:00 AM (UTC) on September 26.
ZEC Liquidity Pool Goes Live, THORChain Native Zcash Trading to Enter Next Phase
THORChain has announced that the ZEC liquidity pool is now live. The network completed a node churn, and all nodes have begun monitoring the Zcash chain. THORChain stated that trading functionality will be the next step; current liquidity is relatively shallow, and early traders should be aware of risks such as slippage. Previously, THORChain added native Zcash support in a protocol upgrade, including UTXO handling, RPC logic, and a ZEC price oracle, and continues to advance mainnet integration.
Gemini Co-founder: Zcash Hype Feels Like the 2019 Crypto Market
Odaily reports: Gemini co-founder Tyler Winklevoss said the current market hype around privacy coin Zcash is reminiscent of the 2019 crypto market, when Bitcoin had just emerged from the 2018 bear market and market attention shifted toward institutional infrastructure and custody.Zcash launched in 2016 and uses zero-knowledge proofs to enable private transactions. It has long faced regulatory scrutiny, and some exchanges have delisted it. According to CoinGecko data, the price of ZEC rose from about $511 in January 2026 to $1,335.51 on September 16. Since receiving approval from New York State in 2018, Gemini has become the first licensed exchange to offer Zcash trading and custody services.
Gemini Switches Zcash Software Ahead of NU7 Upgrade's 25-Second Block Times
Odaily News: Cryptocurrency exchange Gemini has switched its Zcash system operating software from Zebra to Zakura, reducing the time required for nodes to catch up with the network state from nearly a day to just over 6 hours.The switch was made ahead of Zcash's planned NU7 upgrade. The upgrade aims to reduce block times from 75 seconds to 25 seconds, requiring network computers to process transactions at three times the previous frequency.Developers aim to implement the mainnet upgrade on November 5, but Gemini has not yet published performance test results for Zakura under the faster block production frequency. (CoinDesk)
Coinbase Expands Crypto-Collateralized Lending, Adds HYPE and ZEC with Up to $100,000 in Borrowing
Coinbase has announced the expansion of its crypto-collateralized lending service, adding support for HYPE and ZEC as collateral. Eligible users can borrow instantly without selling their assets, with a maximum limit of $100,000. The service is currently available to U.S. users, excluding New York, and is powered by the decentralized lending protocol Morpho, running on the Base network.
No need to sell HYPE and ZEC—Coinbase supports instant loans of up to $100,000
According to Odaily, Coinbase posted on X that users can now use HYPE and ZEC as collateral to obtain instant loans of up to $100,000 without needing to sell the related assets.
Ignas：代币经济学创新并未“死去”，加密行业正重新尝试新机制
DeFi 研究员 Ignas 发文表示，自己原本担心代币经济学创新已经停滞，但事实并非如此。在经历一个周期的低流通量、高 FDV 代币发行后，加密行业正重新尝试新的代币机制，例如： 1、ZCAT 通过 3%转账税为持有者提供 ZEC 奖励； 2、BUN/Mosh 通过“Bundle Launch”让资金支持者分享交易手续费但无法提取 LP； 3、STONK 将手续费收入用于按市值加权回购并销毁排名前 15 的合规代币； 4、VVV/DIEM 允许质押 VVV 铸造 DIEM，再通过质押 DIEM 获得每日 AI 额度；5、ORBIO 则将交易手续费转化为质押者的 AI 额度； 6、BP 则要求质押至少 1 年以获得未来 IPO 股权转换资格，并根据项目增长里程碑决定代币供应解锁。 Ignas 认为，这些项目的共同点是尝试让代币不再只是融资工具，而是具备实际价值，不过也提醒社区许多机制仍依赖投机者持续交易，“投机”依然主导着加密市场。
Related news
Zcash 组织 PGPZ 获聘说客游说华盛顿政策
Zcash 倡导组织 PGPZ 正式聘请 Divij Pandya 担任首位说客，旨在向华盛顿推进《数字资产市场清晰度法案》及加密税改提案。
ZEC Liquidity Pool Goes Live, THORChain Native Zcash Trading to Enter Next Phase
THORChain has announced that the ZEC liquidity pool is now live. The network completed a node churn, and all nodes have begun monitoring the Zcash chain. THORChain stated that trading functionality will be the next step; current liquidity is relatively shallow, and early traders should be aware of risks such as slippage. Previously, THORChain added native Zcash support in a protocol upgrade, including UTXO handling, RPC logic, and a ZEC price oracle, and continues to advance mainnet integration.
U.S. ZEC Spot ETF Records Single-Day Total Net Outflow of $28.259 Million
Odaily News: According to SoSoValue data, yesterday (U.S. Eastern Time, October 1), ZEC spot ETFs recorded a single-day total net outflow of $28.259 million.Yesterday, the Zcash ETF (ZCSH) saw a net outflow, with a single-day net outflow of $28.259 million, while its historical cumulative net inflow currently stands at $239 million.As of press time, the total net asset value of ZEC spot ETFs is $818 million, with a ZEC net asset ratio of 3.61%, and cumulative historical net inflows have reached $239 million.
A trader with $1.4M in cumulative losses holds a $11.38M ZEC long position
According to Onchain Lens monitoring, a Hyperliquid trader holds a long position of 8,065 ZEC worth $11.38 million, with an entry price of $1,457.6, unrealized losses of $379,700, cumulative losses of $1.4 million, having paid $87,700 in funding fees, and a liquidation price of $1,363.9. Two hours ago, a ZEC position worth $3.11 million in this account was liquidated, resulting in a loss of $190,100.
Zcash Founder: Recently Distributed Over $8M in Retroactive Funding to Contributors
Zcash founder Zooko Wilcox stated that Zcash recently distributed over $8 million in retroactive funding to contributors, with several million dollars allocated to reward those who volunteered to protect users during this year's AI vulnerability crisis.
Grayscale's Zcash ETF completes "3-for-1" share split, begins trading on post-split basis today
According to a report from GlobeNewsWire, Grayscale's Zcash ETF (ZCSH) has completed its previously announced 3-for-1 share split, which took effect before the U.S. market opened on September 30. Fund shares began trading on a split-adjusted basis starting that day. Grayscale stated that shareholders of record as of the close of trading on September 28 would receive an additional two shares for every one pre-split share of ZCSH held, converting each pre-split share into three post-split shares. This split will not alter the total investment value for shareholders, with the net asset value (NAV) per share correspondingly adjusted to approximately one-third of its pre-split level. Following the split, ZCSH will continue to trade on NYSE Arca, with its ticker symbol and CUSIP number remaining unchanged.