Zcash Whale Wallet Loses $70M as ZEC Crashes 48% in a Day

Data from Arkham shows that a major Zcash holder labeled “ZEC 120M Whale” has lost about $70 million in holdings over the past 24 hours. The wallet was previously valued at around $174 million in ZEC but has now dropped to less than half that level, even though no selling activity has been recorded over the past six months.

The loss coincides with a steep move in the broader market, as ZEC’s price fell more than 48% to $272.79 during the same period. The downturn followed an Orchard Pool exploit, which placed significant selling pressure on the asset.

Source: Arkham