Zcash Price Surges Amid Claims of Patch Blocking Key Traders
Helius Labs CEO Mert Mumtaz claimed that a patch had been deployed on the Zcash network to automatically reverse transactions involving Michael Saylor, Strategy's (MSTR) CEO, and Thomas Lee, Bitmine's (BMNR) executive. However, no technical documentation or confirmation from the Zcash Foundation or Electric Coin Company has emerged to support this claim.
Mumtaz made the announcement on X, stating that his team had added a patch to the network that would 'atomically roll back any transactions involving Michael Saylor and Thomas Lee.' He claimed these individuals are barred from interacting with the blockchain, but provided no further information or evidence to support this assertion.
The Zcash community has expressed skepticism about the claim, with some users suggesting it is satire. Others pointed out that a network-wide ban would require most nodes and validators to run the patched software, which is unlikely without confirmation from the Zcash ecosystem.
Despite the controversy surrounding the claim, Zcash's price did outperform Bitcoin on Wednesday morning, rising nearly 5% in the last 24 hours to around $600. Bitcoin's price recovered from intra-day lows of $65,000 but still remained down by 3% in the last 24 hours.