Zcash falls 40% after bug rattles privacy token
Zcash’s ZEC token plunged more than 40% on Friday after Shielded Labs said a major bug in the privacy coin’s Orchard pool went unnoticed for years, potentially letting fake ZEC be generated. ZEC last traded close to $328, with CoinGecko posting it at $325.25, down 42.5% for the day. Trading volumes topped $2.2 billion. Zcash is down and that’s a problem for its pitch. The coin trades on private transfers and tight supply. The Orchard pool is the main source of privacy. Zcash’s site listed 5.12 million shielded ZEC out of a 16.75 million total, so a big chunk of private coins is now in focus.