Ukrainian authorities have dismantled a network of fake investment platforms accused of using crypto wallet drainers to steal digital assets from victims across more than 20 countries. The fraudulent websites allegedly displayed artificial investment gains to convince users their cryptocurrency holdings were increasing. Police said operators manually generated transactions and adjusted account balances, creating a false impression that investments were producing profits. Problems emerged when users attempted to withdraw their funds. The platforms reportedly instructed victims to connect their… Read more
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Zcash (ZEC) climbed to its highest price since 2016, extending a rally that has pushed the privacy-focused cryptocurrency’s market capitalization above $20 billion.ZEC reached $1,249.28 before retreating to about $1,195 on Monday, according to CoinGecko data. The token gained about 45% over the past week and 138% over 30 days.The rally leaves Zcash below its launch-era record. CoinGecko lists an all-time high of $3,191.93 on Oct. 28, 2016, when only a small supply of tokens was available.Zcash allows users to choose between public and “shielded” transactions. The latter uses zero-knowledge proofs to verify payments without revealing the sender, recipient or transaction amount.“For users that prioritize privacy, this could become a ‘must have’ feature,” Grayscale’s head of research, Zach Pandl, said in an Aug. 31 analysis.Pandl said that AI could increase demand for financial privacy by making it easier to link public blockchain transactions to users’ identities.Zcash has been on a tear since Grayscale converted its existing Zcash Trust into an exchange-traded fund. The product, trading under the ticker ZCSH, began trading on NYSE ARCA on Aug. 25, giving investors exposure to ZEC through brokerage accounts.The ETF closed Friday at $83.77 a share, with $463.2 million in assets under management, according to the fund’s website. US markets are closed Monday for the Labor Day holiday.Related: Grayscale says Zcash can challenge Bitcoin’s network effects as privacy demand growsThis article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
The incident highlights the critical need for robust security measures in blockchain systems to prevent significant financial vulnerabilities. The post Blockstream confirms bridge nodes patched,
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