According to Bijie.com, the price of Zcash (ZEC) plummeted nearly 50% after a network vulnerability was disclosed, falling from a recent high to $264.80 before rebounding to $380. This sell-off stemmed from Shielded Labs' confirmation of a vulnerability in its Orchard protection pool, potentially allowing the creation of an unlimited number of counterfeit ZEC tokens. BitMEX co-founder Arthur Hayes also disclosed that he had sold all of his ZEC holdings, although he believed the likelihood of the vulnerability being exploited was "extremely small," but emphasized the need for higher certainty standards for privacy assets. Meanwhile, Lookonchain data shows that a newly created wallet withdrew 37,316 ZEC from Binance after the crash, worth approximately $13.1 million, indicating that some large investors viewed the drop as a buying opportunity. The ZEC derivatives market experienced its most dramatic liquidation in months, with nearly $82 million in ZEC liquidations during the crash, according to Bijie.com data.