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8 Jun 2026, 08:00

AI Audit Finds Zcash Orchard Bug; THORChain Integration Delayed

Zcash security researcher Taylor Hornby discovered a critical four-year-old vulnerability in the Orchard shielded pool on May 29 using an AI-assisted audit; an emergency hard fork (NU6.2) fixed it by June 3. THORChain, still offline following a separate $10.7M exploit, had planned ZEC as its next chain integration.

6 Jun 2026, 08:55

Zcash’s Orchard Shock: Why Supply Verification Became ZEC’s Main Catalyst

Zcash’s privacy promise rests on advanced cryptography. But in late May 2026, the project faced a shock: a “soundness” vulnerability in the Orchard circuit called its most important asset—verifiable integrity—into question. Overnight, the conversation around ZEC pivoted from fees and throughput to a single issue: can total supply be trusted? This article cuts through the noise. If you hold ZEC, operate an exchange desk , or build with shielded transactions, you will find a practical playbook to navigate updates, assess supply-verification options, and avoid common mistakes while the ecosystem shores up trust . AspectWhat to KnowWhat happenedA critical soundness bug was discovered in Zcash’s Orchard zero-knowledge circuit and responsibly disclosed on May 29, 2026 by researcher Taylor Hornby, engaged by Shielded Labs ( Zcash Foundation ).Emergency responseA two-step response: a soft fork that disabled Orchard at height 3,363,426 (early June 2, 2026 UTC), then NU6.2 (Zebra 5.0.0) re-enabled Orchard at block 3,364,600 on June 3, 2026 (00:05 EDT) ( Zcash Foundation ).Adoption backdropShielded holdings had just surged to roughly 5.0M ZEC (~30% of ~16.7M circulating), with Orchard holding ~4.2M ZEC (~25.4%) in late May 2026 ( ZcashTracker ).Market reactionPublic disclosure and fixes coincided with a sharp drawdown; reports cited ~30–40% declines and multi‑billion market-cap evaporation around June 5, 2026 ( CoinTelegraph ).Main riskConfidence in supply integrity. Even if no exploit occurred, the mere possibility elevated “auditability” from niche concern to core investment criterion.Near-term taskGet upgraded, verify operational dependencies, and decide policies for shielded flow until community-level mitigations mature.Longer-term trackProposals include formal verification of Orchard and a new shielded pool with a “turnstile” for public supply checks ( KuCoin ). Core Concepts Zcash supports both transparent addresses and private, “shielded” addresses. Shielded transactions rely on zero-knowledge proofs to show that assets are conserved without revealing amounts or participants. In this model, a circuit’s soundness is paramount: if a bug lets someone create value from nothing, the ledger’s supply could be inflated without easy detection. In late May 2026, an independent researcher working with Shielded Labs found precisely such a risk in the Orchard circuit and disclosed it to Zcash engineers. The project executed an emergency soft fork and then the NU6.2 hard fork to address the issue and re-enable Orchard after patching ( Zcash Foundation ). This incident landed amid strong shielded adoption. By late May 2026, about 5.0 million ZEC—roughly 30% of circulating supply—sat in shielded pools, with Orchard alone holding ~4.2 million ZEC (~25.4%). That depth underscores why supply verification is now the overriding narrative for ZEC, not just a cryptography footnote ( ZcashTracker ). Glossary: the moving parts Orchard — Zcash’s latest shielded pool/circuit enabling private transfers with improved performance and UX. Soundness — A zero-knowledge property that ensures proofs cannot assert false statements (e.g., minting coins from thin air). Soft fork — A backward-compatible rule change; in this case, used to disable Orchard transactions swiftly. NU6.2 (Zebra 5.0.0) — The emergency network upgrade and release that re-enabled Orchard after patching. Turnstile accounting — A proposed design where funds must transition through a checkpoint, enabling public supply integrity checks without revealing transaction details. Step-by-Step Playbook Upgrade your stack immediately. Wallets, nodes, and services should move to releases compatible with the NU6.2 patch (e.g., Zebra 5.0.0 or later) before processing new shielded flow. Freeze-and-review policy for shielded deposits. Exchanges and OTC desks can apply enhanced monitoring or temporary holds on large shielded deposits until post-patch behavior is well characterized. Use viewing keys and address segmentation. For operational safety, separate treasury, hot, and cold flows, and use viewing keys to monitor shielded balances without de-shielding. Reconcile with transparent rails. Where possible, settle internal accounting in transparent addresses during the near term, then batch into shielded pools once procedures are validated. Track chain health signals. Monitor client diversity, block propagation, mempool behavior, and shielded pool deltas across blocks after the re-enable height to spot anomalies early. Document assumptions for audit. If you are a custodian or fund, write down your operational assumptions about supply integrity and how you would detect inconsistencies; review weekly until conditions normalize. Plan for alternative liquidity. Map out ZEC liquidity venues that support transparent withdrawals and keep emergency counterparties on file if shielded rails slow temporarily. Why “Supply Verification” Became the ZEC Catalyst Privacy coins walk a tightrope: strong confidentiality makes public auditing inherently harder. In Zcash, shielded pools hide amounts, so most observers rely on circuit soundness and protocol accounting to be confident that no excess ZEC exists. When a soundness issue surfaces—even if swiftly patched—the perceived possibility of undetected inflation forces markets to reassess risk. That is exactly what unfolded. Following public disclosure and emergency upgrades, multiple outlets reported that ZEC fell roughly 30–40% with billions shaved off market value in early June 2026 ( CoinTelegraph ). The market’s message was blunt: supply integrity is the meta-driver of ZEC’s cost of capital. Everything else—fees, throughput, even UX—sits downstream of that trust anchor. Crucially, the incident arrived at a time of real shielded usage: about 30% of circulating supply was in shielded pools, roughly 25% in Orchard specifically, just before disclosure ( ZcashTracker ). That structural adoption amplifies both the upside of privacy and the downside if verifiability is in doubt. Pro tip: Take pre- and post-upgrade snapshots of shielded pool totals from reputable trackers and your own node. You are not “proving” global supply, but you are establishing a baseline to detect outliers quickly. Where the Project Goes Next: Options on the Table Several mitigation paths are under discussion. Early signals from ecosystem participants include formal verification of the Orchard circuit, growing security staff, and a new shielded pool design with a turnstile that enables public supply checks even under strong privacy ( KuCoin ). Below is a high-level comparison of the main approaches, each with material trade-offs. OptionHow it WorksProsConsBest Use CaseStatus quo (post-NU6.2 Orchard)Patched Orchard circuit continues; community emphasizes bug bounty, audits, and monitoring.Fastest path; minimal UX change; leverages existing wallets and infra.Relies on continued circuit correctness; public can’t easily check supply end-to-end.Short-term continuity while deeper mitigations are specified.Formal verificationMathematically prove core parts of the circuit and protocol properties.Raises assurance beyond audits; institutional confidence boost.Time- and resource-intensive; scope limits may leave edges unproven.Mid- to long-term credibility investment.Turnstile-enabled shielded poolIntroduce a checkpoint that allows aggregate supply reconciliation without exposing user data.Balances privacy with public supply checks; addresses central investor concern.Requires new design and migration plan; possible friction for users and devs.Long-term path to durable market trust.Operational restrictions (policy)Exchanges/custodians throttle or require transparent rails for high-value flows.Reduces exposure quickly; straightforward to implement.Hurts shielded liquidity and UX; fragments the market.Stopgap control for risk desks during uncertainty. Stakeholder Scenarios: Making Decisions Without the Hype Long-only holders. If your thesis is privacy adoption, decide whether your conviction depends on unbroken, continuous verifiability or whether you can tolerate periods where the community’s assurance relies on engineering responses and future design changes. Position sizing should reflect that tolerance for ambiguity. Exchanges and OTC desks. After the emergency fix, re-enable shielded deposits only with upgraded infrastructure and document additional screening. Consider a tiered policy: small shielded deposits auto-clear; larger ones require extra checks or time-bound delays until chain behavior appears stable post-patch. Wallet and app developers. Communicate upgrade status clearly in-app. Offer viewing key tooling and migration paths so users can self-monitor. If a turnstile design is adopted later, build UI affordances early for a seamless transition. Institutional allocators. Request written security postures and timelines from core teams. If you need public supply checks to underwrite a position, evaluate whether a turnstile roadmap and formal verification plan meet your governance thresholds. Open-source contributors. This is a moment to expand testing harnesses, fuzzers, and circuit-level proof tooling. If you specialize in formal methods, there is leverage here: even partial proofs can raise confidence. Zcash Foundation release banner for Zebra 4.5.3 / 5.0.0 announcing the emergency soft-fork and NU6.2 activation — the official, coordinated upgrade that temporarily halted Orchard and then restored it to close the vulnerability (why supply verification became urgent). — Source: Zcash Foundation Pitfalls & Red Flags Running outdated clients. Pre-NU6.2 software may mishandle Orchard transactions or expose you to consensus mismatches. Assuming “no exploit” equals “no risk.” The market prices the possibility of silent inflation. Policies should reflect that, not just incident retrospectives. Overreliance on single trackers. Cross-check shielded pool data between multiple sources and your own node to avoid skew from API errors. Impersonation and phishing. Expect fake “urgent wallet updates.” Only download from official repositories and verify signatures. Liquidity traps. If venues throttle shielded deposits, spreads can widen. Test small amounts before committing size. Conflating privacy with opacity in governance. Supply verifiability is separate from user privacy; avoid narratives that pit them as mutually exclusive without nuance. Crypto Daily tracks security-driven market shifts and protocol-level pivots across the industry. For ongoing coverage of Zcash and privacy tech , visit Crypto Daily . Frequently Asked Questions What exactly was the Orchard bug? A researcher engaged by Shielded Labs identified a “soundness” flaw in the Orchard zero-knowledge circuit—meaning, in principle, it could allow proofs that assert something false. The issue was responsibly disclosed on May 29, 2026, leading to an emergency response by Zcash engineers ( Zcash Foundation ). How did the network respond so quickly? The community executed a two-step plan: first, a soft fork disabled Orchard at block 3,363,426 in early June 2, 2026 (UTC), then NU6.2 (Zebra 5.0.0) re-enabled Orchard at block 3,364,600 on June 3, 2026 (00:05 EDT) with the fix live ( Zcash Foundation ). Was ZEC’s supply actually inflated? There is no public confirmation that an exploit occurred. However, markets price the risk that it could have, and that’s why supply verification rose to the top of the agenda. Stakeholders are focusing on mitigations that restore confidence whether or not an exploit happened. Why did the price fall so sharply? Security and supply integrity are primary valuation anchors in privacy coins. Reports cited ~30–40% declines around June 5, 2026, following disclosure and emergency patches ( CoinTelegraph ). Uncertainty around verifiability tends to widen risk premia. What are the leading fixes to rebuild trust? Discussions include formal mathematical verification of Orchard, expanding cryptography/security staffing, and a new shielded pool with a turnstile to enable public supply checks without sacrificing privacy ( KuCoin ). As a user, what should I do now? Upgrade your wallet and node software to NU6.2-compatible releases, confirm your balances with viewing keys, and test small transactions first. If you rely on exchanges, check their current policies on shielded deposits and withdrawals. Do shielded users lose privacy with a turnstile? A well-designed turnstile aims to allow aggregate supply checks without revealing who sent what to whom. The details matter, but the intent is to keep user-level privacy while enabling public audit of total supply. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

5 Jun 2026, 18:10

THORChain restart drags on as Zcash vulnerability delays privacy-coin rollout

THORChain has remained offline for three weeks since it experienced a $10.7 million vault exploit. THORChain initially planned to integrate ZEC support into its platform, but even that is now delayed after a critical flaw was discovered in Zcash’s Orchard shielded pool. That decision could not have come at a worse time for ZEC, which has taken a beating since the AI–discovered vulnerability was revealed. What happened to THORChain and when will it restart? THORChain has been offline for three weeks following a major security breach that resulted in the loss of $10.7 million from one of its vaults. The problem at THORChain started with a flaw in a security system called the GG20 threshold signature scheme. An attacker was able to join the network as a node operator and exploit this weakness to drain funds from a single vault. The other four vaults were not affected. THORChain’s developers released a fix (version 3.19) several days ago, but the network is yet to resume normal operations. The team even added a new safety step called “key verify” to ensure every remaining vault is secure before operations resume. The restarting process will include node operators moving to the new software version, migrating funds, and finally reopening trading. Barraford estimated that this process will take several days to complete once it begins. The recovery plan, called ADR028, aims to cover the $10.7 million loss without creating new RUNE tokens or diluting existing holders. Instead, the protocol’s own money will be used, and any remaining loss will be shared with synthetic asset holders. The protocol is also offering the hacker a bounty to return the funds. What was the Zcash bug, and why did it cause such a big price drop? Zcash was supposed to be THORChain’s next chain integration, ahead of Monero, but that timeline slipped after security researcher Taylor Hornby, working under contract with Shielded Labs, discovered a soundness bug in Zcash’s Orchard shielded pool. The bug has been present in the Orchard protocol “rulebook” since it launched in May 2022. Hornby used Anthropic’s Opus 4.8 model to create a working example of the exploit in a test environment and confirmed it could produce fake tokens in a local test environment. An emergency soft fork quickly temporarily disabled Orchard transactions on June 2, and a hard fork (NU6.2) reactivated the pool with a corrected circuit on June 3. The five-day turnaround from discovery to resolution was only the second security-driven protocol upgrade in Zcash’s ten-year history. When the bug was disclosed, ZEC dropped roughly 40% within 24 hours. CoinMarketCap data showed the token trading near $333, down from a 52-week high above $700. Arthur Hayes, the chief investment officer at Maelstrom and co-founder of BitMEX, said on X that he liquidated his entire ZEC position. Hayes previously set a public price target of 10% of Bitcoin’s value for ZEC, but the 30% drop forced him to rethink. He left open the possibility of buying back the tokens if his concerns about supply integrity proved unfounded. Blockchain intelligence firm Arkham flagged at least one large holder who watched more than half the value of a $174 million ZEC position evaporate without selling. Shielded Labs, the organization that fixed the bug, explained that it is cryptographically impossible to determine whether or not the bug was ever used due to the four-year window before it was found, but the firm also stated that it is unlikely the bug could have evaded years of expert review if it was active. Just discovering the vulnerability required AI-assisted auditing techniques, and the remediation window was narrow once the flaw became known. If you're reading this, you’re already ahead. Stay there with our newsletter .

5 Jun 2026, 09:22

Arthur Hayes Just Dumped His Entire Zcash Position After a Bug That Could Have Allowed Counterfeit ZEC for 4 Years

Arthur Hayes, the BitMEX co-founder, confirmed today that he liquidated his entire Zcash (ZEC) position after a protocol bug in the Orchard Pool. Zcash’s core shielded transaction layer bug was disclosed publicly, compounding an already difficult few weeks for ZEC. The move completes the full liquidation of his self-described ‘Holy Trinity’ portfolio, which previously included HYPE and NEAR tokens. The Holy Trinity is dead. Sadly due to the Orchard Pool exploit, I had to dump our entire $ZEC bag. – While I think it's extremely unlikely of any minting, it cannot be formally cryptographically proved impossible – The privacy from AI, govt, big tech narrative demands perfection… — Arthur Hayes (@CryptoHayes) June 5, 2026 The central question the market is now asking is not whether Hayes was right to exit, the bug is real, the risk is documented, but whether this was a cold-eyed protocol risk assessment or a reactive flush after a vulnerability shook his conviction in privacy coins as a category. The evidence points heavily toward the former. That distinction matters for anyone trying to read this exit as a signal. Zcash (ZEC) 24h 7d 30d 1y All time Discover: The Best Crypto to Diversify Your Portfolio The Orchard Pool Bug: What the Vulnerability Actually Means for ZEC The Orchard Pool is Zcash’s next-generation shielded transaction circuit, introduced with the NU5 upgrade in May 2022. It replaced the older Sapling pool and brought trustless zk-SNARKs via the Halo 2 proving system, no trusted setup required. The pool exists specifically to enable fully private transfers, and its cryptographic soundness is not a feature; it is the entire value proposition of ZEC. The bug, identified on May 29, 2026, by security engineer Taylor Hornby of Shielded Labs, using AI-assisted formal methods including Anthropic’s Claude Opus 4.8, was an insufficient constraint in elliptic-curve multiplication inside the halo2_gadgets crate. https://t.co/v7BiOdzU9E — zooko ⓩ (@zooko) June 4, 2026 In easy terms, crafted inputs could theoretically bypass the circuit’s validity checks and produce counterfeit ZEC that still passed Orchard’s verification. An emergency hard fork was activated on June 3, 2026, patching the flaw. But the window from NU5 activation in 2022 to the June 2026 patch represents nearly four years during which the bug existed undetected, surviving multiple expert audits. Here is the part that matters for holders: due to Orchard’s privacy architecture, it is cryptographically impossible to prove that counterfeit ZEC was never minted during that window. No evidence of exploitation exists, but the inability to attest total supply integrity is not a footnote; it is a fundamental crack in the sound money narrative that Electric Coin Co. has built around ZEC. Hayes Exits Zcash: Protocol Risk Reaction or the Same Pattern Playing Out Again? Hayes had publicly flagged Zcash as a high-conviction holding, part of the ‘Holy Trinity’ alongside HYPE and NEAR, a trio he framed as his asymmetric altcoin bets. He had already cleared HYPE and NEAR before turning to ZEC, a sequencing that some read as methodical de-risking rather than panic. The ZEC exit followed the Orchard bug’s public disclosure and the June 3 hard fork, meaning Hayes moved after the vulnerability was known, not before. His stated rationale was direct: ‘The probability of unauthorized minting is extremely low, but it cannot be proven cryptographically impossible,’ he wrote. And further: ‘The narrative of protecting privacy from AI, governments, and Big Tech demands perfection, a standard the bug undermined.’ That framing is not a trader’s excuse. It is a thesis statement. Hayes was long ZEC because privacy coins occupy a unique ideological and technical niche, and that niche requires cryptographic certainty that Orchard can no longer provide without qualification. The pattern here is familiar to anyone who has tracked Hayes’s public portfolio moves. Fresh conviction, public endorsement, then a clean exit when the underlying thesis breaks. Whether that is disciplined risk management or the ‘shill, pump, dump, repeat’ cycle this site has previously documented is a judgment call, but the Orchard bug gives this exit a harder-to-dismiss fundamental rationale than most. He continues to hold Worldcoin (WLD), which was never part of the Trinity framework. ZEC Price and Market Structure: The Damage Is Real ZEC dropped 30–36% from recent highs following the bug’s public disclosure, falling from above $600 to approximately $390, erasing over $3 billion in market cap. The move broke the 20-day, 50-day, and 100-day EMAs in sequence, with traders now watching 200-day EMA support near $367 as the next critical level. Source: ZECUSD / Tradingview Hayes’s exit itself occurred on normal trading volumes, suggesting his position did not mechanically move price; the market was already pricing in protocol risk before his announcement landed. The structural read is bearish until the $430–$450 zone is reclaimed on a closing basis. Below $367, ZEC enters uncharted technical territory with limited historical support to reference. Discover: The Best Token Presales The post Arthur Hayes Just Dumped His Entire Zcash Position After a Bug That Could Have Allowed Counterfeit ZEC for 4 Years appeared first on Cryptonews .

5 Jun 2026, 07:00

Zcash Slides 30% Despite Emergency Fix for Critical Bug

The flaw existed since May of 2022, and was discovered by security engineer Taylor Hornby on May 29. While researchers successfully demonstrated the exploit in a controlled environment, there is currently no evidence that it was used on the live network. Security Flaw Sends Zcash Price Into Freefall Zcash (ZEC) experienced a steep decline in value after the public disclosure of a critical security vulnerability that could have theoretically allowed an attacker to create an unlimited amount of counterfeit ZEC. The revelation triggered a lot of concern among investors, and contributed to a decline of more than 30% in the cryptocurrency’s price over the past 24 hours. ZEC price action over the past 24 hours (Source: CoinCodex) The vulnerability was discovered on May 29 by security engineer Taylor Hornby while conducting a security review on behalf of Shielded Labs. According to reports, Hornby identified a flaw in Zcash’s Orchard shielded pool, a privacy-focused component that uses advanced cryptographic techniques to conceal transaction details. After the discovery, the issue was disclosed to the Zcash Open Development Lab (ZODL), which coordinated an emergency response and deployed a hard fork on June 3 to eliminate the threat. The flaw reportedly existed since May of 2022 and involved a weakness in an elliptic curve multiplication check used in Orchard’s cryptographic verification process. This bug could potentially allow malicious actors to bypass transaction validation mechanisms and generate counterfeit ZEC without detection. During testing, Hornby successfully created a proof-of-concept exploit capable of producing unlimited counterfeit coins in a controlled environment. Hornby used Claude Opus 4.8, an advanced artificial intelligence model released only one day before the discovery, to assist with the targeted code review that ultimately uncovered the vulnerability. Researchers stated that if the same exploit had been executed on the live Zcash network prior to the patch, it could have resulted in undetectable counterfeit ZEC being generated in a wallet. Despite the seriousness of the vulnerability, there is currently no evidence that it was exploited on the mainnet. BitMEX co-founder Arthur Hayes commented that while it cannot be mathematically proven that no illicit minting occurred, he believes it is unlikely that attackers successfully abused the flaw. Nevertheless, Hayes revealed that he sold his entire ZEC position after the disclosure. Others pointed out that similar theoretical risks exist across many privacy-focused cryptocurrency protocols that rely on zero-knowledge proofs. Mert Mumtaz, CEO of Solana infrastructure company Helius, argued that vulnerabilities of this nature are not unique to Zcash and often stem from complex cryptographic circuits that are difficult to audit and monitor. The incident also revived memories of a previous counterfeiting vulnerability discovered in Zcash’s cryptographic framework in 2018. That flaw was privately fixed before any known exploitation occurred.

5 Jun 2026, 00:30

Peter Todd Warns Zcash Tech Is Too Risky For Bitcoin Privacy Push

Bitcoin developer Peter Todd has pushed back against calls to bring Zcash-style privacy into Bitcoin’s consensus layer, arguing that the cryptographic risk profile is too high for the network’s base protocol. The debate erupted after ZODL developers disclosed an issue affecting the Orchard shielded pool, briefly turning a technical incident into a broader argument over privacy, auditability, and Bitcoin ossification. Todd’s initial post was direct: “Why adding Zcash style privacy to Bitcoin at the consensus layer is a bad idea.” He was responding to a post from Zcash Open Development Lab, which said a “coordinated Zcash network upgrade” was underway after an issue affecting the Zcash Orchard pool was identified during routine auditing and security review processes. Why Peter Todd Sounds Alarm On Zcash-Style Privacy The exchange quickly widened beyond ZEC itself. One user argued that Bitcoin has its own history of critical bugs, pointing to the 2010 value overflow incident and the 2013 chain split as evidence that “no protocol is exempt from tech issues.” The same post accused Bitcoin maximalists of pushing for “total ossification” while facing future threats such as quantum computing. Todd answered by drawing a distinction between visible and hidden failures. “Exactly my point. With Bitcoin, rolling back the chain is feasible, as only a small subset of coins were affected, and the exploit was trivial to notice,” he wrote. His argument was not that Bitcoin is bug-free, but that its accounting model makes certain classes of catastrophic bugs easier to detect and unwind. That point became the core of the disagreement. When another user argued that rejecting consensus-layer privacy on bug-risk grounds would “stop any innovation/development,” Todd responded that not all cryptography carries the same operational risk. “Different types of cryptography have different levels of risk to them. Zcash-style cryptography has a very high level of risk, much more so than Bitcoin’s cryptography. Which is reflected in how Zcash has had much more serious issues than Bitcoin.” The counterargument was that Bitcoin itself has suffered serious early failures. One participant cited the 2010 value overflow incident and the 2018 bug, CVE-2018-17144 , as examples that challenged Todd’s framing. Todd rejected the comparison, saying neither case put the currency at the same kind of existential risk. “Neither of those exploits had any chance of destroying the currency,” Todd wrote. “Exactly what coins were counterfeit was trivially visible, allowing easy rollbacks. Not so with Zcash.” The disagreement turns on a specific property of shielded systems: privacy can reduce the visibility that makes supply audits straightforward. In Todd’s view, this changes the risk calculation for Bitcoin. A bug in transparent accounting can be noticed because invalid outputs or counterfeit coins are visible on-chain. In a deeply shielded system, he argued, the damage may be harder to observe , harder to attribute, and harder to reverse. Zcash defenders pushed back on that framing as well. One user told Todd that he did not understand the “turnstile construct,” arguing that “no such bug can affect the total ZEC supply.” Todd shifted the focus from total supply to shielded user balances, noting that a large share of ZEC already sits inside the shielded pool . “30% of the Zcash supply is shielded. That supply being destroyed would be a disaster, and would completely wipe out the holdings of a high % of all Zcash users. I personally have a little bit of Zcash, all of which is shielded.” At press time, ZEC traded at $532.