#Zcash crashed more than 50%: the critical bug in Orchard has become the biggest crisis of trust for $ZEC
The Zcash token ($ZEC ) experienced one of the worst days in its history after a critical vulnerability was revealed in the anonymous Orchard pool. Security researcher Taylor Hornby discovered a bug that had existed since 2022 and could theoretically allow the creation of counterfeit ZEC within the private pool without detection.
The Zcash team responded swiftly: on June 2, an emergency soft fork was executed to disable Orchard, and by June 3, the NU6.2 update was activated, which completely closed the vulnerability. No signs of a real attack were found.
The main issue is the inability to cryptographically prove that no one exploited it during the four years of Orchard's existence. This has sparked panic among investors. BitMEX founder Arthur Hayes reported a complete exit from his position in $ZEC , stating that privacy assets require "perfect security, not just a high probability of security."
In the wake of this news, liquidations exceeded $100 million, and the price of ZEC temporarily lost over 50%. Now, the Zcash team is considering creating a new secure pool that will allow for independent verification of the integrity of the issuance.
The Zcash token ($ZEC ) experienced one of the worst days in its history after a critical vulnerability was revealed in the anonymous Orchard pool. Security researcher Taylor Hornby discovered a bug that had existed since 2022 and could theoretically allow the creation of counterfeit ZEC within the private pool without detection.
The Zcash team responded swiftly: on June 2, an emergency soft fork was executed to disable Orchard, and by June 3, the NU6.2 update was activated, which completely closed the vulnerability. No signs of a real attack were found.
The main issue is the inability to cryptographically prove that no one exploited it during the four years of Orchard's existence. This has sparked panic among investors. BitMEX founder Arthur Hayes reported a complete exit from his position in $ZEC , stating that privacy assets require "perfect security, not just a high probability of security."
In the wake of this news, liquidations exceeded $100 million, and the price of ZEC temporarily lost over 50%. Now, the Zcash team is considering creating a new secure pool that will allow for independent verification of the integrity of the issuance.