Zcash Privacy Failure: Hacker Identified Despite Using ZEC
A hacker who used Zcash for anonymity was identified anyway, triggering mockery of ZEC's privacy thesis and prompting at least one trader to remove take-profit orders on shorts while awaiting deeper downside.
What we know
An account on X called out influencers who predicted ZEC would overtake Bitcoin, noting 'start writing down the names of people who said this.' He removed his take-profit orders on ZEC shorts after the news, expressing intent to let the position run. Another account on X lumped Zcash-related narratives alongside Wormhole and Starknet as coins people are being pushed to long unwisely. The incident reinforces broader skepticism about privacy coin use cases in an era of improving blockchain analytics.
How the story developed
A hacker who used Zcash for anonymity was identified anyway, triggering mockery of ZEC's privacy thesis and prompting at least one trader to remove take-profit orders on shorts while awaiting deeper downside.
A heated debate over Zcash's direction is dominating crypto CT, with prominent traders calling it artificially pumped and setting downside targets below $600, while bulls make 'once in a lifetime trade' arguments.
TraderSZ is actively short $ZEC and expects BTC to pull back to September lows, dragging alts harder. He also issued an urgent warning about a fake Telegram account impersonating him.
Multiple Zcash ecosystem signals in the same hour: grails moving on secondary markets, Sapling Terminal about to launch cross-chain trading from a ZEC wallet, and a bold Bitcoin comparison.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.