Bitcoin PLUMMETS Below $62K As Arthur Hayes DUMPS Zcash

**Scott Melker** (0:01)
Bitcoin, plummeting back below $62,000 as Arthur Hayes and seemingly everybody else is dumping their Zcash after an exploit was noticed that could have allowed people to effectively print Zcash unnoticed for the last four years. Crypto's awesome, let's go.
Good morning, Wolf Pack, and welcome to the show. It's another happy day here in sunny Tampa, Florida. We got the Monaco Grand Prix this week in honor of that.
I have a Formula One car behind me. That's the McLaren car. You guys probably know that I'm a McLaren fan as a result of having been a global brand ambassador for OKX for all those years. OKX is amazing, by the way. It's where I actually trade here in the United States. I don't think people have realized that they're fully back in the United States. Currently setting up my algos on Arch Public over there with them, a long-standing relationship. They made me a huge McLaren fan. They made me a huge OKX fan. So today, we ride. That's the car going back and forth behind me. We don't have motion on it, so I'm giving it the motion. Oh, guys, Friday is the day when I get to be completely unhinged. I get to rant and rave. I get to not be prepared at all for the show, and then I take whatever might be of any quality, and I form that into The Daily Wolf later on Yahoo. If you haven't been watching The Daily Wolf on Yahoo, shame on you, but you still have a chance. You still have a chance. I'm going to be honest, the numbers are huge, biggest numbers, best numbers. It's been wildly popular. We're really excited about it, to be quite honest, and it's great. But let's talk about what's happening in the market here. Bitcoin in danger of dropping to 60 It's like Ed Steyer, 61, 60, with Zcash bulls turning their backs on Z-E-C at Zcash. So of course, we got them in the title. I put them in here. It's funny, Arthur. The Holy Trinity is dead. Sadly, due to the orchard pool exploit, I had to dump our entire Zcash bag. So while I think it's extremely unlikely of any minting, it cannot be formally cryptographically approved otherwise. So the dive into what's actually happening with the story here. That's not what I want. That's not what I want. None of those are what I want. Shut up. We don't have the story.
The story is, Zcash, which has been very highly hyped and pushed across the board for the narrative of privacy, which I deeply respect and think is great, was trading exceptionally high. And then apparently, like some of the founders, I know that guy Zuko, they wrote something that basically said the Orchard Protocol, which is part of the protocol, had a hidden exploit that Claude 4.8 or 5.9 or 7.... What Claude are we on? 4.8.
Claude 4.8 discovered this exploit. They patched it very quickly to their credit. I think this is an exceptionally hard working team. I think that software is going to have exploits. But in this case, the best quality of Zcash, its privacy was also, unfortunately, its worst quality, because even though they've patched it, they cannot prove cryptographically that nobody has been slowly, fastly, bigly printing Zcash for the past four years. So there could be a whole lot of fake Zcash out there on the market that is being sold. And so people, I think, are rightfully terrified that bad things are going on. I speak Patwa. Bad things going on.
Jamaican. Not Jamaican.
So I have been not a privacy sceptic, not a Zcash specifically, but the price action of Zcash, you can remember that I've been highly skeptical of this entire time. I actually went on a Coinbase interview last week and they asked me about it. I said, it seemed like a lot of very big personalities. Let's try to get my hands even. Jumped on to Zcash at roughly the same time. I'm not saying it was like a coordinated pump and dump or anything. I think it's just when something catches wind and starts to catch some momentum, it goes up and maybe gets a bit out over its skis. Then they asked me about this, which was the narrative that Zcash was a more secret version of Bitcoin. It was a better Bitcoin. You start seeing these stories and people start saying it. She was like, what do you think about that? I was like, it makes me want to puke. That's absolute nonsense. You can be great at privacy without being a new Bitcoin. There will be no new Bitcoin. Well, I'm not trying to take a victory lap here or anything. I think Zcash will probably recover. It's probably fine. Maybe it wasn't exploited. I have no idea. But yeah, I was a skeptic and I still not buy it. Now, I think Cameron Winklevoss has a very measured and reasonable take if we're going to look at both sides, he says it has unparalleled cryptographers, security engineers, security researchers, all the things basically saying they're building great software. They patched it fast. They did a great job. But I think this just shows us where the puck is headed. We got a DeFi exploit every 36 hours on average. We've had huge ones in KelpDow and Drift and all of these. We had the massive, obviously, hack last year. By a bit, we still have a hacking problem. We still have an exploit problem. And it's accelerated with AI. Now, I think the positive view of that is that if the black hats and hackers can use AI to exploit things, well, so can the white hats and the people who are building security. They can use AI for better security. So whether it was human versus human or AI versus AI doesn't really change much. But clearly, we know that this is software. And the problem is this is software that's controlling what many people view as money. So you can't really move fast and break things, and you can't really make mistakes when people's money is on the line. So now we got Zcash. Zcash.