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Arthur Hayes exits ZEC as token slides after patched issuance bug

Arthur Hayes exits ZEC as token slides after patched issuance bug

Hayes sold his entire ZEC stake after the Orchard Pool vulnerability, while ZEC fell roughly 48%-55% to as low as $263.19-$272.79 and liquidations reached $81.91 million.

BTC
WLD
ZEC

Fact Check
Hayes's own X post (CryptoHayes/status/2062723034369458520) explicitly confirms dumping his entire ZEC bag because of the Orchard Pool exploit, citing residual cryptographic uncertainty about minting and the 30% drop. Odaily newsflashes corroborate the ZEC price fall below $400 and the whale's leveraged short profit and BTC long loss. All elements of the claim are supported by primary and corroborating sources.
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Summary

Arthur Hayes said he sold his entire ZEC position after the Orchard Pool attack, saying the probability of extra minting appears very low but cannot be ruled out with complete cryptographic certainty. He said he may buy back later and added that he still holds WLD. Separately, ZEC sold off sharply after disclosure of the vulnerability, falling below $400 and then below $300, with reported 24-hour declines of 48.4% to $272.79 on Binance and 54.84% to $263.19 on HTX. Earlier reporting said market capitalization fell by nearly $3 billion over 24 hours. The flaw, described as an infinite issuance bug or extra-minting risk, had already been patched in an emergency response coordinated by ZODL on June 2; one report said Anthropic Opus 4.8 identified the bug. The selloff also triggered $81.91 million in liquidations, including about $70.55 million in long liquidations, while separate reports said Garrett Jin was holding a large leveraged ZEC short with multi-million-dollar unrealized gains and a Bitcoin long with large unrealized losses.

Terms & Concepts
  • infinite issuance bug: A flaw that can allow unintended creation of excess or unlimited tokens, undermining confidence in supply integrity.
  • liquidations: Forced closure of leveraged trading positions after losses breach margin requirements.
  • short position: A trade structured to profit if an asset's price falls.