Arthur Hayes Tells Zcash Holders To Withdraw From Cexs And ‘shield’...

On Wednesday, Hayes told holders to “shield” their assets, a feature that enables private transactions within the Zcash network. “If you hold $ZEC on a CEX, withdraw it to a self-custodial wallet and shield it,” Hayes wrote on X.

The comments came as Zcash (ZEC) saw sharp price swings in the last few days. The token rallied to $723 on Saturday before dropping to $504 on Sunday. It then surged to a high of $677 on Monday, only to see another sharp decline. At the time of writing, ZEC was trading at about $450, marking a 37% decline from its Saturday high.

Analysts had warned that ZEC might undergo a sharp correction due to its relative strength index (RSI) reaching its highest reading after continuing to rally above its overbought zone.

The former functions like normal public wallets, while the latter uses zk-SNARKs (zero-knowledge proofs) to obscure sender, receiver and transaction accounts.

Hayes’s comments highlight the trade-off between convenience and sovereignty. Self-custody protects users from insolvency and regulatory actions, including freezing or delisting of assets.

At the same time, it demands greater responsibility from users, including managing private keys, maintaining backups and using verified wallets.

CoinMarketCap data showed that the token is still up by 5% over the last seven days, despite a decline from its Saturday high.

Meanwhile, other players like Canton (CC), Dash (DASH), Decred (DCR) and ZKsync (ZK) suffered losses ranging from 13% to 42% in the last seven days.

Magazine: Philippines blockchain bill to battle corruption, crypto KOLs charged: Asia Express

Source: CoinTelegraph