Zcash gains 20% as Paradigm founder reveals firm made ZEC investment
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Zcash is nearing completion of its mathematical proof to prevent hidden issuance vulnerabilities; ZEC rises 12%.
According to Odaily Odaily, Zcash's native token ZEC rose more than 12% on Tuesday after the team responsible for developing its privacy pools said they were close to completing a mathematical proof to confirm that there was no undetectable forgery or over-issuance vulnerability in the latest Zcash shielded pools. This verification work is being carried out by Project Tachyon, targeting Zcash's upcoming Ironwood shielded pool. Zcash founder Zooko Wilcox stated that the project is on the verge of producing a mathematical proof, aiming to demonstrate that the latest Zcash privacy pool does not have undetectable proliferation vulnerabilities. This development stems from the disclosure last month of a serious forgery vulnerability in Zcash Orchard's shielded pool. At the time, this vulnerability caused market concerns that Zcash's privacy system might have undetectable hidden inflation risks, causing ZEC to fall by more than 40% within two days. Developers say that with the help of AI-assisted formal verification, proof work that might have previously taken years can now be compressed into weeks. This news pushed the ZEC back above $500, its highest level since early June. (The Block)
Kraken's parent company wins $22 million arbitration case against auditing firm Mazars.
Odaily that Kraken's parent company, Payward, has won an arbitration against its former auditing firm, Mazars USA, with the arbitrator ruling that Mazars must pay Payward $22 million. Payward is currently seeking confirmation of the arbitration award and a final judgment from the Delaware Court of Chancery. The controversy stemmed from the peak of "Operation Choke Point 2.0" in 2022. Payward claims that Mazars abruptly withdrew from an audit of Kraken that was nearly complete, without finding any problems with the company, but this move damaged Kraken's reputation and forced it to spend years and significant legal fees clarifying its situation. Payward co-CEO Arjun Sethi stated that auditing is not a "gift" for crypto companies, but rather a critical infrastructure for maintaining trust with banks, licenses, counterparties, and regulators. An auditing firm withdrawing without finding anything negative leaves the company unjustly shrouded in suspicion. "Operation Choke Point 2.0" is the crypto industry's term for the regulatory pressure exerted during the Biden administration, referring to the informal pressure exerted by US regulators on banks to restrict services to crypto businesses after the FTX collapse. Sethi stated that the US FDIC sent at least 25 letters to 24 banks, demanding that they suspend or avoid expanding their crypto-related businesses. This ruling is also seen as a legal counterattack by the crypto industry against such regulatory pressure.
Specter reveals clues about a BONK DAO governance attack, suggesting that the financial flows of Realms' founder may be linked to the attackers.
According to Mars Finance, on-chain security firm Specter released preliminary findings of its investigation into the BONK DAO governance attack. Tracing the on-chain fund flow revealed significant suspicious activity: financial transactions were found between Realms founders' and Crypto Notte-related addresses and the wallet of the suspected attacker. The analysis indicates that the attacker released a malicious governance proposal on June 30th, with a pass threshold of 1% of the total circulating supply of BONK. From July 4th to 5th, the attacker used approximately $4 million in cryptocurrency purchases on exchanges and MarginFi lending to acquire sufficient voting power to push the proposal through and complete the governance attack.
Zcash holders back 25-second blocks, vote to keep ZEC halving schedule
Nearly 99% of ZEC holders voted to reduce block times to 25 seconds, while keeping ZEC issuance and halving schedules unchanged.
US officials confirmed that the strikes against Iran "will not end anytime soon," and that their scale and intensity will increase simultaneously.
BlockBeats reports that on July 8th, US officials stated that the recent strikes against Iran were "punitive, not reciprocal," and that the operation "will not end anytime soon." Another US official stated that the strikes launched against Iran on Tuesday were four to five times larger and more powerful than the strikes conducted 10 days prior. (AXIOS)
A long-held crude oil whale positions for three months suffered a margin call of 12.3 million shares, and oil prices have completely reversed the gains made after the US-Iran conflict.
According to BlockBeats, on July 1st, Hyperinsight monitoring showed that WTI crude oil fell below $69. The largest whale(0x007d) on Hyperliquid's WTIOIL was liquidated twice within about an hour, totaling 180,000 contracts, with an average price of about $68.35, resulting in a loss of about $3.463 million. The whale originally held a long position in WTIOIL with 20x leverage, with an average entry price of $87.59 and a liquidation price of approximately $68.56. In the first round of forced liquidation, 36,000 CL were liquidated, resulting in a loss of approximately $690,000; subsequently, all 144,000 CL were liquidated, resulting in a loss of approximately $2,773,000. Based on the initial margin, this position ultimately lost over 410% of its principal. This long position's liquidation line was set at the oil price level before the US-Iran conflict. According to contract pricing, the US-Iran conflict began with the first round of airstrikes on February 28th, and oil prices were around $68.5 that day. Subsequently, driven by geopolitical risks, prices surged to around $118, representing an increase of approximately 72%. This whale(large position holder) did not close its position at the high oil price level. As crude oil prices continued to fall from their peak, the position was eventually liquidated by the system around $68.35, erasing all gains since February 28th, and is currently trading at $68.8. On-chain data shows that large holders of WTI crude oil positions are generally bearish. The notional size of short positions in the millions of dollars is approximately $61.46 million, which is 2.32 times that of long positions of approximately $26.46 million; the average entry price of long positions is approximately $84.27, and the overall position is already deeply underwater.