Zcash Drops 21% Amid ETF Outflows and Security Concerns

Key Facts

1ZEC price dropped 21% from its recent peak of $1,698.

2The decline is attributed to ETF outflows and suspicions of North Korean hackers using shielded pools for money laundering.

ZEC price dropped 21% from its recent peak of $1,698, Decrypt reported. The decline is attributed to outflows from exchange-traded funds and suspicions that North Korean hackers are utilizing Zcash's shielded pools for money laundering purposes.

The cryptocurrency faced selling pressure following reports of illicit funds moving through its privacy-centric features. The market is assessing technical support levels following this correction, which comes amid broader regulatory and cybersecurity concerns regarding the use of shielded pools for laundering stolen assets.