Arthur Hayes said he liquidated his entire ZEC position after a Zcash Orchard pool counterfeiting flaw was disclosed on June 29, calling his prior “Holy Trinity” thesis effectively broken. ZEC fell more than 47% over the past day, after having traded above $600 earlier in 2026 and later dropping as low as $264.80. Hayes also sold HYPE and NEAR and said he rotated into Worldcoin.

A June 2026 crypto selloff erased $62 billion in combined market capitalization from public companies that hold Bitcoin on their treasuries. Strategy (MicroStrategy), Tesla, and Marathon Digital were cited among the biggest drivers of the drawdown, as BTC fell roughly 50% from its peak. The move has renewed scrutiny of whether mark-to-market-sensitive corporate BTC treasury strategies can withstand sustained downside.

Zcash (ZEC) fell about 60% after a critical flaw was disclosed that could have enabled unlimited counterfeit coins. The issue was present in the Orchard pool since May 2022 and was identified on May 29 during a targeted review using Anthropic's Claude Opus 4.8 model. Zcash contributors pushed an emergency hard fork patch between June 1 and June 3 while developers discuss longer-term supply verification changes.

XRPL Foundation community lead Vet pointed to amendment XLS-0096 on June 5, 2026, pitching it as a path to native privacy features on the XRP Ledger. The post surfaced as Zcash faced a sharp sell-off after a critical bug tied to the Orchard pool—said to have existed since May 2022—raised concerns about hidden inflation and sent ZEC down 46% in one day.

Arthur Hayes said on June 5, 2026 that he sold his entire Zcash (ZEC) position after a flaw in Zcash's Orchard shielded pool raised questions about whether counterfeit ZEC could be created. The issue was identified on May 29, 2026 and patched via an emergency hard fork on June 3, 2026, while Hayes argued that even an "extremely unlikely" minting risk that cannot be cryptographically ruled out undermines the privacy thesis. ZEC later fell 30–36% from recent highs, sliding from above $600 to about $390 and wiping more than $3 billion in market cap.

BitMine Immersion Technologies filed with the SEC on Wednesday to offer 3 million shares of Series A Perpetual Preferred Stock priced at $100 each, aiming to raise $300M. The company said proceeds are earmarked for buying ETH, expanding ETH staking infrastructure, and investing across the Ethereum ecosystem, positioning staking yield as a way to help cover dividend obligations.

Blockchain investigator ZachXBT urged traders to avoid Rain Protocol, describing it as a prediction-market project with an $8.8 billion market cap but limited users and traction. He pointed to Oct. 14, 2025 on-chain trails he says link wallets tied to the RAIN team to DOP and TOMI, and alleged signs of liquidity-based price manipulation. ZachXBT also said he downgraded Kraken from S-tier to B-tier over token listings including M, RAIN, RIVER and RAVE, and raised an insider bounty to as much as $100,000.

On June 5, 2026, Zcash's ZEC fell by more than 45%, sliding from above $600 to around $300 within hours after a disclosure about a critical Orchard vulnerability. The issue, found on May 29, 2026 and fixed by June 2, 2026, could have enabled undetectable counterfeiting of ZEC, though the authors said prior exploitation was unlikely and cannot be proven either way due to privacy.