Zcash Recovers 45% Following Proposed Upgrade to Address Flaw
- Zcash (ZEC) rose approximately 45% from a low of $300, trading around $437 on Monday.
- The token is still down about 22% over the past week due to a counterfeiting bug in its Orchard pool.
- The bug, undiscovered since last year, could have allowed unlimited fake ZEC creation without detection.
- Developers patched the flaw quickly through emergency upgrades with mining pools ViaBTC and Foundry.
- The proposed Ironwood upgrade aims to create a new privacy pool and confirm the coin’s supply integrity.
The Ironwood proposal would allow users running Zcash software to verify total balances across pools, ensuring no counterfeit coins exist. This initiative has garnered attention from investors, including Chamath Palihapitiya, highlighting its importance in restoring trust in the network’s integrity.
As ZEC rebounds by about 45%, the community awaits further details on the timeline for implementing the Ironwood upgrade to secure its supply verification process.
