Zcash Suspends Orchard Transactions Due to Vulnerability

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 3 days ago

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Vulnerability Discovery and Emergency Response: Zcash developers temporarily suspended Orchard transactions after discovering a critical vulnerability in the latest privacy-focused blockchain, subsequently restoring functionality through an emergency network upgrade, highlighting operational risks in privacy blockchains.
Technical Details and Impact: The vulnerability affected Orchard's zero-knowledge proof circuit, potentially allowing invalid state transitions; although no evidence of exploitation was found and user privacy remained intact, it could still undermine confidence in Zcash's security.
Upgrade Process and Coordination: The fix was executed through a two-step emergency upgrade, with Zebra 4.5.3 temporarily disabling Orchard actions and Zebra 5.0.0 activating the NU6.2 upgrade to re-enable Orchard, ensuring overall network continuity during the process.
Market Reaction and Investor Confidence: The price of ZEC briefly fell below $600 after the incident, but due to the lack of evidence for theft or privacy breaches, the market reaction was relatively mild, prompting investors to assess the impact of this event on trust in Zcash.

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Technical Analysis for ZEC

Technical Sentiment Analysis for Zcash (ZEC). As of , Zcash (ZEC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ZEC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, ZEC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Zcash (ZEC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	-110.599	69.761	283.791	464.151	678.181	858.541	1072.571
Fibonacci	69.761	220.418	313.494	464.151	614.808	707.884	858.541

About ZEC

Zcash is a decentralized cryptocurrency focused on privacy and anonymity. It uses the zk-SNARK zero-knowledge proof technology that allows nodes on the network to verify transactions without revealing any sensitive information about those transactions.Contrary to a common misunderstanding, the majority of cryptocurrencies on the market, including Bitcoin (BTC), are not anonymous, but rather pseudonymous; while they do not explicitly reveal the identities of their users, each user has their own public address or addresses which can be traced back to them via the methods of data science and blockchain forensics.Zcash transactions, on the other hand, still have to be relayed via a public blockchain, but unlike pseudonymous cryptocurrencies, ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent. There is an option, however, to reveal this data for the purposes of auditing or regulatory compliance.Zcash was first released on October 28, 2016, and it was originally based on Bitcoin’s codebase.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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