Zcash Slumps on Reputational Damage and Profit-Taking

Zcash (ZEC) experienced a 5% drop over the past 14 hours after a highly publicized rally, which saw its price surge by as much as 168% over the last month and 2,500% over the year.

The decline is attributed to a combination of factors, including the Bitget hack, where the attacker used Zcash's Ironwood privacy pool to launder stolen funds, and a backlash against the coin's reputation due to its association with North Korean hackers.

Additionally, some market participants took profit on their ZEC holdings after the recent rally, contributing to the price drop.

The broader crypto market remained relatively flat, with the total crypto market cap down only 0.63% over the past 24 hours and BTC dominance unchanged at around 58.9%.