'Extremely Bullish': Zcash Rebounds By $2.5 Billion Amid Planned Fix for Supply Conundrum
Zcash rebounded after founder Zooko Wilcox proposed the “Ironwood” upgrade, aimed at restoring confidence in ZEC’s fixed supply. The move followed a sharp selloff after Shielded Labs disclosed a critical bug that could have allowed unlimited counterfeit token creation before being patched. Because Zcash is privacy-focused, cryptography alone could not confirm whether the bug was exploited. Ironwood would let users verify the circulating supply by summing active shielded pool balances, add new safeguards against counterfeit-coin transactions, and improve code security. Zcash’s market cap recovered from about $5 billion to nearly $7.5 billion, though it remained below Friday’s peak. ZEC also rose about 6% to around $445. Supporters said the upgrade addresses a core privacy-coin tradeoff and may reduce the risk of similar bugs.
