Cypherpunk Holdings distanced itself on Sept. 8, 2026, from an unauthorized crypto token using its official ticker on Robinhood’s blockchain platform. The Nasdaq-listed privacy-focused firm said it has never issued a token, holds native ZEC on the Zcash blockchain, and has only one security, CYPH, listed on Nasdaq. The warning followed AMC’s call on Robinhood to stop trading a token linked to its stock. Cypherpunk’s shares rose 40% in five days and more than 250% over 30 days, while ZEC passed $1,200 on Sunday, gaining more than 30% in seven days and more than 100% since the start of the year. The moves have been linked to interest in privacy assets and have also attracted concerns about scams and speculative trading. Critics including Samson Mow and Chun questioned whether ZEC’s rally reflects underlying protocol growth, citing its earlier promotional cycles, the four-year Founders’ Reward, the subsequent development fund, optional privacy features, governance tensions, the Electric Coin Company team’s departure in January 2026, and a May 2026 disclosure involving a theoretical counterfeit-coin vulnerability in the Orchard pool. Chun said ZEC’s advance represented a listing and a squeeze rather than evidence of actual utility, although the rally appears to have received support from a recently launched Grayscale exchange-traded fund.