News linked to both this project and an event.
On-chain analyst ZachXBT (@zachxbt) disclosed that the recently launched 10K PFP NFT project zkSNARKs on the Zcash chain is allegedly a rug pull. The project attracted a total of 16,971 bids via a blind auction, ultimately completing the allocation of 8,000 items at a clearing price of 1.5 ZEC (approximately $2,190). Total trading volume reached 25,305 ZEC (approximately $36.94 million), and refunds totaling 13,309 ZEC (approximately $19.43 million) have been progressively returned. ZachXBT noted that the project raised approximately $17 million, while incorporating a 10% team allocation, 5% royalties, and a minting fee of around $2,000, yet offered zero utility. This mirrors the typical "rug pull" strategy commonly seen in Ordinals-style projects.
The representative for "BTC OG Insider Whale," Garrett Jin, has sequentially posted two Binance ZEC (Zcash) spot withdrawal screenshots, accompanied by corresponding Zcash blockchain explorer links. Records show that on December 20, 2025, the account successively withdrew 134,000 ZEC and 68,076.23 ZEC from its Binance spot wallet, totaling approximately 202,100 ZEC. Valued at the current price of roughly $1,560 per ZEC, the holdings in this address are worth approximately $315 million.
According to on-chain analyst Ember (@EmberCN), the whale entity Garrett Jin sold all 35,000 ETH (approximately $87.5 million) withdrawn from Binance last night today at an average price of $2,500. The proceeds were used to add margin to their ZEC short position, which shows an unrealized loss of roughly $34 million, thereby substantially raising the liquidation price from $2,631 to $4,738. Ember also traced the entity's complete on-chain footprint: • Funding origin: Accumulated 100,784 BTC at an average price of ~$7,242 between May and June 2018; all subsequent operational capital was derived from BTC sales; • BTC to ETH conversion: Beginning in August 2025, over a six-month period, 89,000 BTC were sold at an average price of ~$114,000 to acquire 900,000 ETH at an average price of ~$4,300 (resulting in a cost basis above $3,500); these ETH tokens have been gradually transferred to Binance throughout the first half of 2026; • Largest liquidation on Hyperliquid: In February 2026, ETH dropped sharply from $3,000 to $1,800, leading to the liquidation of a $670 million ETH long position (213,000 ETH opened at $3,150), resulting in approximately $230 million in lost margin; • Trend Re
According to on-chain intelligence platform Arkham (@arkham), ZEC whale address t1Lyq transferred $362.56 million worth of ZEC last night and deposited $15 million into Coinbase, marking its first exchange deposit in 10 months. The ZEC held by this address was valued at approximately $163.88 million when it arrived 10 months ago, with unrealized profits exceeding $361 million since 2025.
According to Odaily, trader Boomer previously took profit on 14,300 ZEC, gaining $5.237 million; his total profit on Hyperliquid currently stands at $22.28 million.
Odaily News: According to on-chain analyst Ai Yi's monitoring, Hyperliquid trader solanadoomer (@solanadoomer1) closed out 14,300 ZEC to take profit 2 minutes ago, ultimately gaining $5.237 million, with an exit price of $1,559.6.
Odaily News: Bankless co-founder David Hoffman posted on X, stating, "We are now in altcoin season, and the real market moment is coming sooner than expected." It is reported that David Hoffman announced the liquidation of his ETH holdings on May 21, and subsequently bought VVV, NEAR, ZEC, HYPE, and LIT, all of which have significantly outperformed ETH.
As monitored by on-chain analyst Ai Yi (@ai_9684xtpa), Garrett Bullish, Hyperliquid's largest ZEC short position holder (who previously suffered a $230 million liquidation on the 1011 whale account), has sold 35,000 ETH spot (~$87.5 million) and subsequently added margin, raising the ZEC liquidation price to $4,737.7. Their $55.89 million ZEC short currently shows an unrealized loss of $30.75 million, with an average entry price as low as $665.84.
According to on-chain analytics platform Lookonchain (@lookonchain), prominent trader Garrett Jin (@GarrettBullish) sold 35,001 ETH at an average price of approximately $2,500, realizing roughly $87.5 million in cash proceeds. The funds were subsequently transferred to Hyperliquid to open a 3x leveraged long position on BTC. Previously, he had withdrawn these specific ETH holdings from Binance and deposited them into Hyperliquid, an action suspected to be linked to his ZEC short positions.
Odaily News: According to on-chain analyst Yu Jin's monitoring, the 35,000 ETH that Garrett Jin whale entity (0x92ea...050e) withdrew from Binance last night has been fully sold 10 minutes ago at a price of $2,500, worth $87.5 million. After selling the ETH, the entity added partial margin to its ZEC short position, raising the liquidation price from $2,631 to $4,738; the short position is currently showing an unrealized loss of $30 million.
加密货币交易员 Ansem 表示，其自 Zcash（ZEC）价格约 300 美元时持续关注该资产，目前价格已升至约 1,500 美元。他认为，ZEC 当前所处阶段类似比特币在 2017 年从 1,000 美元上涨至 2 万美元前的阶段，并预计其今明两年或有较好表现。该观点属于个人市场判断。
According to Lookonchain monitoring, this trader had previously won 26 consecutive trades, with an 89% win rate across 47 trades and cumulative profits exceeding $9 million. Their short position of 12,285 ZEC is currently down $7.66 million, with a liquidation price of $1,550.66.
According to Onchain Lens monitoring, this trader currently holds short positions worth $124.59 million, with unrealized losses of $24.1 million; part of their ZEC short positions have realized losses of $3.41 million. Over the past 24 hours, this trader deposited an additional 9 million USDC.
According to monitoring by on-chain analyst Yu Jin, a whale opened a long position on 10,160 ZEC at $630 on August 20, worth $6.4 million; after holding for about a month, it closed the position at $1,458 early this morning, making a profit of $8.29 million.
Odaily News: According to on-chain analyst Ember Monitoring, Zcash has been rising by over $100 per day for several consecutive days, reaching a high of $1,500 in the early hours of today. The ZEC short position held by the Garrett Jin whale entity (0x92ea...50e9) currently shows an unrealized loss of $30 million. The 35,000 ETH, worth $85.11 million, that this entity withdrew from Binance last night has not yet been transferred.
According to monitoring by on-chain analytics platform Lookonchain (@lookonchain), the largest on-chain ZEC short seller, Garrett Jin (@GarrettBullish), currently holds a short position of 37,760 ZEC (worth approximately $51.5 million) with a liquidation price of $2,631.53 and has incurred unrealized losses exceeding $26 million. To maintain the position, they recently withdrew 35,001 ETH (approximately $85 million) from Binance and deposited it into Hyperliquid.
Odaily reports, according to Onchain Lens monitoring, a whale opened a long position of 3,380 ZEC on Hyperliquid with 10x leverage, worth approximately $4.56 million, with a liquidation price of $1,275.
Odaily News: According to on-chain analyst Ai Yi's monitoring, trader fluffysnow opened a 5x long position on 8,469.64 ZEC at an average price of $1,322.49 at 04:50 today, worth $11.66 million, and is currently up $487,000. This position is the 7th-largest ZEC long on Hyperliquid. ZEC's liquidation amount over the past 24 hours was $57.36 million, second only to Bitcoin and ETH.
Odaily News — According to on-chain analyst Yu Jin's monitoring, the ZEC short position held by the Garrett Jin whale entity continues to deepen in unrealized losses. Last night, it added 5,000 ZEC to its short position at a price of $1,252.5, worth approximately $6.26 million.Currently, this entity holds a total of 37,760 ZEC in short positions, with a position value of approximately $50.99 million, and unrealized losses have widened to approximately $25.85 million. ZEC has risen from around $400 when it began shorting to nearly $1,400.
Odaily News — According to on-chain analyst Yu Jin, a whale shorted ZEC ahead of the Federal Reserve's interest rate decision. At around 11 PM last night, when the ZEC price was approximately $1,245, the whale opened a 10x leveraged short position of 8,120 ZEC, with the position value at approximately $10.11 million.About 3 hours later, as ZEC rose above $1,390, the whale's short position was fully liquidated, resulting in a cumulative loss of approximately $890,000.