Zcash dropped 38% after disclosing a four-year-old counterfeiting vulnerability in its Orchard shielded pool. Arthur Hayes exited his entire ZEC position.

Zcash patched a critical zero-knowledge proof bug in its Orchard shielded pool via emergency hard fork NU6.2, with no funds lost and ZEC rallying 5-14%.

On Wednesday, the Zcash Foundation said there is “no evidence of unauthorized value creation.”