Zcash patched a bug in its privacy layer that could have let someone mint unlimited ZEC, undetected for four years. Because every transaction is hidden, nobody can prove the bug was never used. ZEC fell 64%, and Allium's Hyperliquid data shows the selling started three days before the bug was even privately discovered.

What this report shows:

• The selling began before the announcement, when trading volume spiked to 12-13x normal on May 26
• The heaviest selling came after the June 3 patch, not before it, $560M in a single hour as the price hit $247
• Why a clean fix could not settle it, and what the market is actually pricing

Informational only. Not investment advice.

By Olivia Denk, Research @Allium