03 LATTICE — holders - promoters - payers - every leg disclosed somewhere, the whole loop nowhere
Who holds, who speaks
Nothing here evidences illegality. Holding and advocating is legal; grant-funded education is legitimate when disclosed. The forensic finding is the density of overlapping financial relationships among a small group of promoters, the absence of position disclosure at the point of speech, and the gap between the slogans and the chain. The strongest case against that reading is on this page too, in a panel of its own.
an insider on the slogan — the phrase catalogue, entry one
Zcash being encrypted Bitcoin is the winning meme
P-zcash-winning-memecite
- claim
- P-zcash-winning-meme
- last verified
- 2026-08-22
- confidence
- high
- Zcash Founder on Privacy Ai and How ZEC Is Encrypted Bitcoin Zooko Bankless · accessed 2026-08-22
36 parties, 41 disclosed edges, 19 catalogued phrases. Every figure below is a seed field printed verbatim; where a party has disclosed no position the card says none disclosed rather than estimating one.
A
The loop
solid gold is money, dashed orchard is a role - from placements, 10-Qs, press releases and donation reports
| Edge | Kind | What | Amount | Date | Confidence |
|---|---|---|---|---|---|
| Winklevoss Capital to Cypherpunk Technologies (N-edge-winklevoss-capital-seeds-cypherpunk) | money | lead / sole institutional investor in the private placement that created Cypherpunk | $58.888M | 12 Nov 2025 | high |
| Winklevoss Capital to Cypherpunk Technologies (N-edge-winklevoss-capital-sells-mining-fleet) | money | sold a Zcash mining fleet (4.2 GSol/s, ~18% of network hashrate) to the company it seeded, taking equity as payment | $33.33M in equity | 18 Aug 2026 | high |
| Cypherpunk Technologies to ZODL (N-edge-cypherpunk-invests-zodl) | money | SAFE investment -- first non-ZEC technology investment | $5.0M | 9 Mar 2026 | high |
| Winklevoss Capital to ZODL (N-edge-winklevoss-capital-invests-zodl) | money | seed investor | none disclosed | Mar 2026 | high |
| Cypherpunk Technologies to Zcash protocol (N-edge-cypherpunk-buys-zec) | money | ZEC treasury purchases (market buys, six tranches) | 323,394.38 ZEC, $110.5M total cost, $341.83 avg | 12 Nov 2025 - 30 Jun 2026 | high |
| Gemini to Zcash protocol (N-edge-gemini-zec-rewards-card) | money | Gemini Credit Card: Zcash Edition launch; ZEC volume +45% post-launch | up to 4% cashback in ZEC | 29 Jan 2026 | high |
| Gemini to Zcash protocol (N-edge-gemini-shielded-withdrawals) | money | first regulated exchange to support shielded ZEC withdrawals | none disclosed | 29 Sep 2020 (reaffirmed 10 Nov 2025) | high |
| Tyler Winklevoss to Shielded Labs (N-edge-winklevoss-twins-donate-shielded-labs) | money | personal donation (with Cameron Winklevoss); second such donation, first in 2023 | 3,221 ZEC (~$1.2M) | 21 Jan 2026 | high |
| Josh Swihart to Cypherpunk Technologies (N-edge-swihart-cypherpunk-advisor) | people | paid strategic advisor | none disclosed | 19 Dec 2025 | high |
| Josh Swihart to ZODL (N-edge-swihart-founds-zodl) | people | founder/CEO; founded after leading the Jan 2026 ECC walkout | none disclosed | Jan/Feb 2026 | high |
| Zooko Wilcox to Cypherpunk Technologies (N-edge-zooko-cypherpunk-advisor) | people | paid strategic advisor | none disclosed | 9 Dec 2025 | high |
- money - a disclosed payment, investment, donation or purchase
- people - a disclosed role, dashed as well as coloured
Eleven of the 41 disclosed edges in the corpus, chosen because they close a circuit; the table under this block lists all 41 so the selection can be checked. Nothing here evidences illegality. Every leg is disclosed somewhere - a placement announcement, a 10-Q, a press release, a donation report - and no single disclosure shows the loop. Positions are drawn by hand: the seed carries no coordinates, and a force layout would sort these boxes by degree and bury the circuit the page is about.
network-loopcite
- claim
- network-loop
- last verified
- 2026-08-22
- confidence
- high
- Leap Therapeutics Rebrands as Cypherpunk Expands Leadership Team to Drive New Zcash Treasury Strategy PR Newswire · accessed 2026-08-22
- Winklevoss Backed Cypherpunk Targets 5 Zcash Supply 58 Million Treasury Seed The Block · accessed 2026-08-22
- 2026 08 18 Cypherpunk Technologies Launches Zcash Mining Fleet The Block · 2026-08-18 · accessed 2026-08-22
- Cointelegraph Cointelegraph · accessed 2026-08-22
- crypto.news, "Cypherpunk becomes largest Zcash miner in $33M deal" crypto.news · 2026-06-05 · accessed 2026-08-22
- Cypherpunk Technologies 10-Q (six months ended 2026-06-30) StockTitan · 2026-06-30 · accessed 2026-08-22
- Cypherpunk Makes 5m Investment Into Zcash Open Development Lab Zodl barchart.com · accessed 2026-08-22
- CoinDesk — ZODL raises $25M (9 Mar 2026) CoinDesk · 2026-03-09 · accessed 2026-08-22
- CryptoBriefing Crypto Briefing · 2026-01-09 · accessed 2026-08-22
- The Block — Gemini shielded withdrawals (29 Sep 2020) The Block · 2020-09-29 · accessed 2026-08-22
- ECC — Gemini Sets the Standard (10 Nov 2025) Electric Coin Company · 2025-11-10 · accessed 2026-08-22
- Zcash Developer Shielded Labs Gets Donation From Winklevoss Twins DL News · 2026-01-21 · accessed 2026-08-22
- Investing.com investing.com · accessed 2026-08-22
- The Block — Zcash developers quit, form new company (7 Jan 2026) The Block · 2026-01-07 · accessed 2026-08-22
- Cypherpunk Taps Zcash Founder Zooko Strategic Advisor 2025 12 09 Nasdaq · 2025-12-09 · accessed 2026-08-22
- PR Newswire — Cypherpunk Taps Zooko as Strategic Advisor (9 Dec 2025) PR Newswire · 2025-12-09 · accessed 2026-08-22
Winklevoss CapitalfundVenture fund led by Tyler and Cameron Winklevoss; sole institutional investor and lead of Cypherpunk's $58.888M seed placement; investor in ZODL; counterparty selling a mining fleet to Cypherpunk for equity; its principal Will McEvoy sits as Cypherpunk CIO.none disclosed
N-winklevoss-capitalN-winklevoss-capitalcite
- claim
- N-winklevoss-capital
- last verified
- 2026-08-22
- confidence
- high
- Leap Therapeutics Rebrands as Cypherpunk Expands Leadership Team to Drive New Zcash Treasury Strategy PR Newswire · accessed 2026-08-22
- 2026 08 18 Cypherpunk Technologies Launches Zcash Mining Fleet The Block · 2026-08-18 · accessed 2026-08-22
- Winklevoss Twins Bet on Zcash with New Treasury Firm DL News · accessed 2026-08-22
Cypherpunk TechnologiescompanyPublic-company ZEC treasury vehicle, formerly Leap Therapeutics; rebranded 12 Nov 2025; the largest disclosed corporate ZEC holder and, since Aug 2026, a Zcash miner.323,394.38 ZEC, $110.5M total cost, $341.83 avg cost (30 Jun 2026 10-Q); ~1.92% of supply; stated target 5% of network
N-cypherpunk-technologiesN-cypherpunk-technologiescite
- claim
- N-cypherpunk-technologies
- last verified
- 2026-08-22
- confidence
- high
- Leap Therapeutics Rebrands as Cypherpunk Expands Leadership Team to Drive New Zcash Treasury Strategy PR Newswire · accessed 2026-08-22
- Winklevoss Backed Cypherpunk Targets 5 Zcash Supply 58 Million Treasury Seed The Block · accessed 2026-08-22
- Cypherpunk Technologies 10-Q (six months ended 2026-06-30) StockTitan · 2026-06-30 · accessed 2026-08-22
- crypto.news, "Cypherpunk becomes largest Zcash miner in $33M deal" crypto.news · 2026-06-05 · accessed 2026-08-22
ZODLcompanyFor-profit Zcash development company founded by ex-ECC staff after the Jan 2026 walkout; led by Josh Swihart as CEO; employs former ECC core engineers on remediation work; policy office held by Paul Brigner, who also sits on the ZCG grant committee.$25M seed round (Mar 2026), including $5M from Cypherpunk
N-zodlN-zodlcite
- claim
- N-zodl
- last verified
- 2026-08-22
- confidence
- high
- CoinDesk — ZODL raises $25M (9 Mar 2026) CoinDesk · 2026-03-09 · accessed 2026-08-22
- Cypherpunk Makes 5m Investment Into Zcash Open Development Lab Zodl barchart.com · accessed 2026-08-22
- The Block — Zcash developers quit, form new company (7 Jan 2026) The Block · 2026-01-07 · accessed 2026-08-22
Tyler WinklevosspersonGemini co-founder; principal figure of Winklevoss Capital, which seeded Cypherpunk and invests in ZODL; personal donor to Shielded Labs; public ZEC advocate.Co-donor of 3,221 ZEC to Shielded Labs (21 Jan 2026); indirect exposure via Winklevoss Capital's Cypherpunk seed and via Gemini
N-tyler-winklevossN-tyler-winklevosscite
- claim
- N-tyler-winklevoss
- last verified
- 2026-08-22
- confidence
- high
- Winklevoss Backed Cypherpunk Targets 5 Zcash Supply 58 Million Treasury Seed The Block · accessed 2026-08-22
- Cointelegraph Cointelegraph · accessed 2026-08-22
- Zcash Developer Shielded Labs Gets Donation From Winklevoss Twins DL News · 2026-01-21 · accessed 2026-08-22
Zcash protocolprotocolThe Zcash blockchain and its block-subsidy funding mechanism (ZIP 1014 / 1015 / 1016); the asset that every disclosed purchase, listing and donation in this network ultimately references.none disclosed
N-zcash-protocolN-zcash-protocolcite
- claim
- N-zcash-protocol
- last verified
- 2026-08-22
- confidence
- high
- ZIP 1016, Community and Coinholder Funding Model Zcash Improvement Proposals · accessed 2026-08-22
- ZIP 271 (dev fund extension + 78,750 ZEC disbursement) Zcash Improvement Proposals · accessed 2026-08-22
Josh SwihartpersonECC SVP Growth, then ECC CEO (18 Dec 2023 - Jan 2026); led the Jan 2026 walkout; founder/CEO of ZODL; paid strategic advisor to Cypherpunk Technologies; author of ZIP 1016 and the original 2020 'privacy is normal' ECC post.Paid Cypherpunk strategic advisor (Dec 2025-); ZODL raised $25M including $5M from Cypherpunk
N-josh-swihartN-josh-swihartcite
- claim
- N-josh-swihart
- last verified
- 2026-08-22
- confidence
- high
- Investing.com investing.com · accessed 2026-08-22
- CoinDesk — ZODL raises $25M (9 Mar 2026) CoinDesk · 2026-03-09 · accessed 2026-08-22
- Privacy Is Normal Safe and Essential Electric Coin Company · accessed 2026-08-22
GeminiexchangeCrypto exchange founded by Tyler and Cameron Winklevoss; lists ZEC; first regulated exchange to support shielded ZEC withdrawals; issues a ZEC-denominated rewards credit card.none disclosed
N-geminiN-geminicite
- claim
- N-gemini
- last verified
- 2026-08-22
- confidence
- high
- A Conversation on Zcash with Cameron and Tyler Winklevoss and Zooko Wilcox gemini.com · accessed 2026-08-22
- CryptoBriefing Crypto Briefing · 2026-01-09 · accessed 2026-08-22
- ECC — Gemini Sets the Standard (10 Nov 2025) Electric Coin Company · 2025-11-10 · accessed 2026-08-22
Shielded LabsfoundationNon-profit Swiss Association founded Dec 2022 by Jason McGee; employs Zooko Wilcox as Chief Product Officer; funded the halo2 audit that later found the Orchard soundness bug; recipient of Winklevoss and Vitalik Buterin personal donations; co-authored the Jun 2026 Orchard disclosure.3,221 ZEC (~$1.2M) donation from the Winklevoss twins, 21 Jan 2026 (second donation, first in 2023)
N-shielded-labsN-shielded-labscite
- claim
- N-shielded-labs
- last verified
- 2026-08-22
- confidence
- high
- Shielded Labs founding thread Zcash Community Forum · accessed 2026-08-22
- Zcash Developer Shielded Labs Gets Donation From Winklevoss Twins DL News · 2026-01-21 · accessed 2026-08-22
- Shielded Labs — Zcash Vulnerability Successfully Remediated Shielded Labs · accessed 2026-08-22
Zooko WilcoxpersonZcash co-founder; ECC CEO 2015 to 18 Dec 2023; Bootstrap executive director until 5 Jul 2024; Chief Product Officer at Shielded Labs (Dec 2025-); paid strategic advisor to Cypherpunk Technologies (Dec 2025-); Founders' Reward recipient.Founders' Reward 0.9% of total supply, paid at 2,033 ZEC/month (2016-2020); reported ~$5M/yr 2016-2020 (Forbes); also a paid Cypherpunk strategic advisor
N-zooko-wilcoxN-zooko-wilcoxcite
- claim
- N-zooko-wilcox
- last verified
- 2026-08-22
- confidence
- high
- CoinDesk — What Does Crypto Care if Zooko Is a Millionaire? (1 Jul 2018) CoinDesk · 2018-07-01 · accessed 2026-08-22
- PR Newswire — Cypherpunk Taps Zooko as Strategic Advisor (9 Dec 2025) PR Newswire · 2025-12-09 · accessed 2026-08-22
- Zcash Founder on Privacy Ai and How ZEC Is Encrypted Bitcoin Zooko Bankless · accessed 2026-08-22
| Edge | What | Amount | Date | Source | Conf. | Claim |
|---|---|---|---|---|---|---|
| Winklevoss Capital → Cypherpunk Technologies drawn | lead / sole institutional investor in the private placement that created Cypherpunk | $58.888M | 12 Nov 2025 | PR Newswire · The Block | high | N-edge-winklevoss-capital-seeds-cypherpunkN-edge-winklevoss-capital-seeds-cypherpunkcite
|
| Cypherpunk Technologies → Zcash protocol drawn | ZEC treasury purchases (market buys, six tranches) | 323,394.38 ZEC, $110.5M total cost, $341.83 avg | 12 Nov 2025 - 30 Jun 2026 | StockTitan · PR Newswire | high | N-edge-cypherpunk-buys-zecN-edge-cypherpunk-buys-zeccite
|
| Cypherpunk Technologies → ZODL drawn | SAFE investment -- first non-ZEC technology investment | $5.0M | 9 Mar 2026 | StockTitan · barchart.com | high | N-edge-cypherpunk-invests-zodlN-edge-cypherpunk-invests-zodlcite
|
| Winklevoss Capital → Cypherpunk Technologies drawn | sold a Zcash mining fleet (4.2 GSol/s, ~18% of network hashrate) to the company it seeded, taking equity as payment | $33.33M in equity | 18 Aug 2026 | The Block · Cointelegraph · crypto.news | high | N-edge-winklevoss-capital-sells-mining-fleetN-edge-winklevoss-capital-sells-mining-fleetcite
|
| Winklevoss Capital → ZODL drawn | seed investor | none disclosed | Mar 2026 | CoinDesk | high | N-edge-winklevoss-capital-invests-zodlN-edge-winklevoss-capital-invests-zodlcite
|
| Tyler Winklevoss → Shielded Labs drawn | personal donation (with Cameron Winklevoss); second such donation, first in 2023 | 3,221 ZEC (~$1.2M) | 21 Jan 2026 | DL News | high | N-edge-winklevoss-twins-donate-shielded-labsN-edge-winklevoss-twins-donate-shielded-labscite
|
| Zooko Wilcox → Cypherpunk Technologies drawn | paid strategic advisor | none disclosed | 9 Dec 2025 | Nasdaq · PR Newswire | high | N-edge-zooko-cypherpunk-advisorN-edge-zooko-cypherpunk-advisorcite
|
| Josh Swihart → Cypherpunk Technologies drawn | paid strategic advisor | none disclosed | 19 Dec 2025 | investing.com | high | N-edge-swihart-cypherpunk-advisorN-edge-swihart-cypherpunk-advisorcite
|
| Gemini → Zcash protocol | exchange listing | none disclosed | predates 2020 (shielded withdrawals added 29 Sep 2020) | The Block | med | N-edge-gemini-lists-zecN-edge-gemini-lists-zeccite
|
| Gemini → Zcash protocol drawn | first regulated exchange to support shielded ZEC withdrawals | none disclosed | 29 Sep 2020 (reaffirmed 10 Nov 2025) | The Block · Electric Coin Company | high | N-edge-gemini-shielded-withdrawalsN-edge-gemini-shielded-withdrawalscite
|
| Gemini → Zcash protocol drawn | Gemini Credit Card: Zcash Edition launch; ZEC volume +45% post-launch | up to 4% cashback in ZEC | 29 Jan 2026 | Crypto Briefing | high | N-edge-gemini-zec-rewards-cardN-edge-gemini-zec-rewards-cardcite
|
| Digital Currency Group (DCG) → Grayscale | parent company / owns | none disclosed | ongoing | The Block | high | N-edge-dcg-owns-grayscaleN-edge-dcg-owns-grayscalecite
|
| Grayscale → Grayscale Zcash Trust (ZCSH) | sponsors the trust; registering conversion to a spot ETF (ZCSH, NYSE Arca, 2.5% fee, Coinbase Custody, BNY Mellon transfer agent) | none disclosed | 12 May 2026 (initial S-3) - 22 Aug 2026 (5th amendment) | The Block · crypto.news | high | N-edge-grayscale-sponsors-trustN-edge-grayscale-sponsors-trustcite
|
| Digital Currency Group (DCG) → Grayscale Zcash Trust (ZCSH) | non-binding discussions to contribute ZEC as an in-kind ETF contribution | ~200,000 ZEC (~$110M) | Aug 2026 | The Block | high | N-edge-dcg-contributes-etfN-edge-dcg-contributes-etfcite
|
| Barry Silbert → Grayscale Zcash Trust (ZCSH) | sold Trust shares (personally; the larger sale is his family office's) | 1,000 shares, $47,250.00 (Silbert Family Investments LLC sold 9,753 shares, $407,312.59, filed 5 Nov 2025) | 6 Nov 2025 | SEC EDGAR · SEC EDGAR · thecoinrepublic.com | high | |
| Naval Ravikant → Electric Coin Company (ECC) | co-investment (with Barry Silbert and Roger Ver) into Zerocoin Electric Coin Company | $715,000 (collective) | 2015 | Protos | high | |
| Naval Ravikant → Zcash Foundation (ZF) | founding board member | none disclosed | Feb 2017 | Zcash Foundation · Wikipedia | high | |
| Arthur Hayes → Zcash protocol | sold BTC to build a ZEC position through Maelstrom, recorded by research 03 as the family office's second-largest holding after Bitcoin; size never disclosed, and the $174M Arkham figure belongs to a different unnamed party (quarantined as U-arkham-174m-position-post) | none disclosed | 2025 | Yahoo Finance · CoinDesk | med | N-edge-hayes-builds-positionN-edge-hayes-builds-positioncite
|
| Arthur Hayes → Zcash protocol | liquidated the entire ZEC position after the Orchard bug disclosure, and disclosed the exit publicly | none disclosed | 4-5 Jun 2026 | CoinDesk · cryptopolitan.com | high | N-edge-hayes-exits-positionN-edge-hayes-exits-positioncite
|
| Tushar Jain → Multicoin Capital | managing partner | none disclosed | ongoing | Yahoo Finance | high | N-edge-tushar-jain-multicoinN-edge-tushar-jain-multicoincite
|
| Multicoin Capital → Zcash protocol | disclosed a 'significant position' in ZEC; the disclosure moved the price +30% the same day | none disclosed | 6 May 2026 | Yahoo Finance | high | N-edge-multicoin-discloses-positionN-edge-multicoin-discloses-positioncite
|
| Zcash Foundation (ZF) → Zcash protocol | treasury holds ZEC | 85,412 ZEC ($21.2M of $36.69M liquid assets) | 31 Mar 2026 (Q1 2026) | Zcash Foundation | high | N-edge-zf-holds-zecN-edge-zf-holds-zeccite
|
| Zcash protocol → Zcash Foundation (ZF) | NU6 lockbox disbursement to a 2-of-3 P2SH multisig controlled by the Zcash Foundation, Electric Coin Company and Shielded Labs | 78,750 ZEC | since 23 Nov 2024 (NU6 activation) | Zcash Improvement Proposals · Zcash Improvement Proposals · pineanalytics.substack.com | high | N-edge-nu6-lockbox-disbursementN-edge-nu6-lockbox-disbursementcite
|
| Taylor Hornby (defuse, Defuse Security) → Shielded Labs | contracted security research; found the Orchard soundness bug (CVE-2026-54496) using Anthropic's Opus 4.8 | none disclosed | Apr 2026 (contracted); 29 May 2026 (found) | Shielded Labs · The Block · Decrypt · unchainedcrypto.com · GitHub | high | N-edge-hornby-contracted-shielded-labsN-edge-hornby-contracted-shielded-labscite
|
| Zcash Community Grants (ZCG) → Zcash Media | grant funding (Zcash Media 2023) -- cancelled at 6 of 9 milestones | $600,000 | 2023, cancelled | OpenZcash | high | N-edge-zcg-grants-zcash-mediaN-edge-zcg-grants-zcash-mediacite
|
| Zcash Community Grants (ZCG) → ZecHub | grant funding (ZecHub 2026, education) -- approved by async vote | $433,079.25 | approved 11 Dec 2025 | OpenZcash · Zcash Community Forum | high | N-edge-zcg-grants-zechubN-edge-zcg-grants-zechubcite
|
| Zcash Community Grants (ZCG) → Zcash Brazil | grant funding (2026, community) | $344,985 | 2026 | OpenZcash | high | N-edge-zcg-grants-zcash-brazilN-edge-zcg-grants-zcash-brazilcite
|
| Zcash Community Grants (ZCG) → Free2Z | grant funding ('Preparing the Garden For Spring', non-wallet apps) | $333,000 | 2026 | OpenZcash | high | N-edge-zcg-grants-free2zN-edge-zcg-grants-free2zcite
|
| Zcash Community Grants (ZCG) → ZK AV Club | grant funding (Zcash Community Media Infrastructure 2026) | $228,545 | 2026, open (8/13 milestones) | OpenZcash | high | N-edge-zcg-grants-zk-av-clubN-edge-zcg-grants-zk-av-clubcite
|
| GenZcash → CoinDesk Research | sponsored the 'Inside Zcash: Encrypted Money at Planetary Scale' report; sponsor identity unconfirmed | none disclosed | 3 Nov 2025 (published; updated 7 Nov 2025) | CoinDesk | high | N-edge-genzcash-sponsors-coindeskN-edge-genzcash-sponsors-coindeskcite
|
| Paul Brigner → ZODL | Chief Policy & Regulatory Officer | none disclosed | 2026 | Zcash Community Grants | high | N-edge-paul-brigner-zodlN-edge-paul-brigner-zodlcite
|
| Paul Brigner → Zcash Community Grants (ZCG) | sitting committee member (grant-maker) while employed by ZODL, the largest grant-eligible dev org | none disclosed | 2026 | Zcash Community Grants | high | N-edge-paul-brigner-zcgN-edge-paul-brigner-zcgcite
|
| Balaji Srinivasan → ZODL | named investor in the $25M seed round | none disclosed | Mar 2026 | CoinDesk | high | N-edge-balaji-invests-zodlN-edge-balaji-invests-zodlcite
|
| Mert Mumtaz → Zcash protocol | public advocacy ('the fastest horse for privacy'); no disclosed ZEC position | none disclosed | 24 Oct 2025 | CoinDesk | med | N-edge-mumtaz-advocacyN-edge-mumtaz-advocacycite
|
| Vitalik Buterin → Shielded Labs | donation to Crosslink (second donation, first in 2023); amount undisclosed | none disclosed | 6 Feb 2026 | cryptopolitan.com | high | N-edge-vitalik-donates-shielded-labsN-edge-vitalik-donates-shielded-labscite
|
| Cypherpunk Technologies → Will McEvoy | RSU grant (CIO) | 1,000,000 RSUs | 2 Jul 2026 | StockTitan | med | N-edge-cypherpunk-grants-mcevoy-rsuN-edge-cypherpunk-grants-mcevoy-rsucite
|
| Cypherpunk Technologies → Douglas E. Onsi | RSU grant (CEO) | 1,000,000 RSUs | 2 Jul 2026 | StockTitan | med | N-edge-cypherpunk-grants-onsi-rsuN-edge-cypherpunk-grants-onsi-rsucite
|
| Will McEvoy → Winklevoss Capital | Principal, concurrent with Cypherpunk CIO role | none disclosed | Nov 2025- | PR Newswire | high | N-edge-mcevoy-principal-winklevoss-capitalN-edge-mcevoy-principal-winklevoss-capitalcite
|
| Bootstrap Project → Electric Coin Company (ECC) | wholly owned subsidiary (parent since 2020) | none disclosed | 2020 | The Block | high | N-edge-bootstrap-parent-eccN-edge-bootstrap-parent-ecccite
|
| Josh Swihart → Electric Coin Company (ECC) | CEO | none disclosed | 18 Dec 2023 - Jan 2026 | The Block · CoinDesk | high | N-edge-swihart-ecc-ceoN-edge-swihart-ecc-ceocite
|
| Josh Swihart → ZODL drawn | founder/CEO; founded after leading the Jan 2026 ECC walkout | none disclosed | Jan/Feb 2026 | The Block · CoinDesk | high | N-edge-swihart-founds-zodlN-edge-swihart-founds-zodlcite
|
B
Cypherpunk Technologies, CYPH
purchase ledger - 10-Q, 30 Jun 2026
| Date | ZEC added | USD | Avg | Cumulative | Disclosed via |
|---|---|---|---|---|---|
| 12 Nov 2025 | 203,775.27 | ~$50.0M | $245.37 | 203,775.27 | press release + 8-K |
| 18-19 Nov 2025 | 29,869 | ~$18.0M | ~$603 | 233,644 | press release |
| 30 Dec 2025 | 56,418.09 | ~$29.0M | $514.02 | 290,062.67 | press release |
| 12 Mar 2026 | ~4,680 | ~$2.0M | ~$428 | 294,743 | investor dashboard |
| 15 Apr 2026 | 9,163.32 | $2.15M | $234.63 | 303,906.40 | press release, the last one |
| Apr-Jun 2026 | ~19,488 | not disclosed | not disclosed | 323,394.38 | 10-Q only |
The last row is the one to read. Purchases one to five each got a press release; after 15 April 2026 the company stopped announcing them, and the final tranche surfaced only in the quarterly filing. That is lawful and probably cheaper. It also ended the promotional cadence the earlier buys had.
cypherpunk-purchase-ledgercypherpunk-purchase-ledgercite
- claim
- cypherpunk-purchase-ledger
- last verified
- 2026-08-22
- confidence
- high
- Leap Therapeutics Rebrands as Cypherpunk Expands Leadership Team to Drive New Zcash Treasury Strategy PR Newswire · accessed 2026-08-22
- Cypherpunk Purchases Additional 18 Million of ZEC Bringing Total Network Percentage to 1 43 PR Newswire · accessed 2026-08-22
- CoinGecko treasuries CoinGecko · 2026-06-05 · accessed 2026-08-22
- Cypherpunk Accelerates Zcash Accumulation Increases Treasury Holdings to 290 062 67 ZEC PR Newswire · accessed 2026-08-22
- Cypherpunk Increases Its Zcash Stake Launches New Website and Investor Dashboard PR Newswire · accessed 2026-08-22
- Cypherpunk Technologies 10-Q (six months ended 2026-06-30) StockTitan · 2026-06-30 · accessed 2026-08-22
position — as the filings state it
- disclosed exposure
- 323,394.38 ZEC, $110.5M total cost, $341.83 avg cost (30 Jun 2026 10-Q); ~1.92% of supply; stated target 5% of network
- mining
- $33.33M in equity - 18 Aug 2026, from the same fund that seeded the company
- shares outstanding
- 83,900,000 at 31 Dec 2025 to 107,764,382 at 30 Jun 2026
- overhang
- 80.77M pre-funded warrants and a $200M Cantor ATM
- mNAV
- about 0.6x on basic shares at $790 ZEC - a discount, not a premium
The mNAV line is the correction to the standard treasury-company critique, and it cuts against this page. CYPH has not sustained a premium to the ZEC it holds: it traded below a dollar for much of 2026 and took a Nasdaq deficiency notice. The dilution is real and large; what it diluted into was a discount. A claim of premium extraction would be unsupported on this data, and is not made.
N-cypherpunk-technologiesN-cypherpunk-technologiescite
- claim
- N-cypherpunk-technologies
- last verified
- 2026-08-22
- confidence
- high
- Leap Therapeutics Rebrands as Cypherpunk Expands Leadership Team to Drive New Zcash Treasury Strategy PR Newswire · accessed 2026-08-22
- Winklevoss Backed Cypherpunk Targets 5 Zcash Supply 58 Million Treasury Seed The Block · accessed 2026-08-22
- Cypherpunk Technologies 10-Q (six months ended 2026-06-30) StockTitan · 2026-06-30 · accessed 2026-08-22
- crypto.news, "Cypherpunk becomes largest Zcash miner in $33M deal" crypto.news · 2026-06-05 · accessed 2026-08-22
C
Statements against price
CoinGecko daily - statements dated - log scale
| Date | Close or statement | Note |
|---|---|---|
| 26 Aug 2025 | $39.75 | the 52-week low, and the base the +1,720% figure is measured from |
| 1 Sep 2025 | $40.57 | CoinGecko daily close |
| 1 Oct 2025 | $74.11 | CoinGecko daily close |
| 15 Oct 2025 | $247.97 | CoinGecko daily close |
| 1 Nov 2025 | $404.76 | CoinGecko daily close |
| 7 Nov 2025, 18:00 UTC | $723.43 | the cycle high, and the one point on this line that is hourly rather than a daily close. The date is disputed: CoinGecko's hourly series puts $723.43 at 7 Nov, BitMEX puts the same price at 17 Nov. U-cycle-high-date-nov-2025 holds the discrepancy open rather than resolving it |
| 15 Nov 2025 | $608.2 | CoinGecko daily close |
| 1 Dec 2025 | $428.76 | CoinGecko daily close |
| 1 Jan 2026 | $511.13 | CoinGecko daily close |
| 1 Feb 2026 | $302.82 | CoinGecko daily close |
| 1 Mar 2026 | $220.33 | the cycle trough |
| 1 Apr 2026 | $247.43 | CoinGecko daily close |
| 1 May 2026 | $350.46 | CoinGecko daily close |
| 28 May 2026 | $541.26 | CoinGecko daily close |
| 3 Jun 2026 | $608.64 | CoinGecko daily close |
| 4 Jun 2026 | $620.93 | CoinGecko daily close |
| 5 Jun 2026 | $459.17 | CoinGecko daily close |
| 6 Jun 2026 | $389.99 | a daily close, not the crash low. The Block reports an intraday figure near $250 and BitMEX $309; U-june-5-crash-exact-low keeps the range rather than picking one |
| 1 Jul 2026 | $399.32 | CoinGecko daily close |
| 27 Jul 2026 | $508.58 | CoinGecko daily close |
| 28 Jul 2026 | $477.77 | CoinGecko daily close |
| 1 Aug 2026 | $458.62 | CoinGecko daily close |
| 20 Aug 2026 | $565.4 | CoinGecko daily close |
| 21 Aug 2026 | $568.03 | CoinGecko daily close |
| 22 Aug 2026 | $784 | the venues disagree on the day: CoinGecko $784.00, Blockchair $791.53, CoinDesk $820.65. stats.json publishes the range and this line plots the CoinGecko close, which is the series it belongs to |
| ~1 Oct 2025 | Naval: insurance | Naval Ravikant calls ZEC insurance against Bitcoin (T2025-10-01, med) |
| 24-26 Oct 2025 | Hayes: $10k | Mumtaz 'fastest horse' and Hayes '$10k ZEC'; price +30% (T2025-10-24, high) |
| 3 Nov 2025 | CoinDesk (sponsored) | CoinDesk Research runs Zcash report sponsored by GenZcash (T2025-11-03, high) |
| 12 Nov 2025 | Cypherpunk launches | Cypherpunk Technologies launches with Winklevoss-backed ZEC treasury (T2025-11-12, high) |
| 7-8 Jan 2026 | ECC team quits | Entire ECC engineering team resigns in "the rupture" (T2026-01-07, high) |
| 9 Mar 2026 | ZODL $25M | ZODL raises $25M seed round (T2026-03-09, high) |
| 6 May 2026 | Multicoin | Multicoin discloses ZEC position; price jumps 30% (T2026-05-06, high) |
| 4 Jun 2026 | Orchard disclosed | Orchard bug disclosed publicly; ZEC falls 31% (T2026-06-04, high) |
| 28 Jul 2026, 13:00 UTC | Ironwood | NU6.3 Ironwood launches a new shielded pool (T2026-07-28, high) |
| 21 Aug 2026 | Grayscale S-3 No. 5 | Grayscale files fifth amended S-3 for Zcash ETF (T2026-08-21, high) |
The vertical axis is logarithmic, and it has to be: the series runs from $39.75 to $784, so on a linear axis the whole of the first leg - a six-fold move - is a flat line on the floor, and the picture argues that nothing happened before October 2025. On a log axis equal heights are equal proportional moves, which is the only scale on which the annotations can be compared with each other. Twenty-five points, no interpolation between them; the corpus publishes these twenty-five out of a 366-point daily pull. The rules mark the day a statement was made and claim nothing about what followed it. Two incompatible readings of the period are on the record and both are published here, at the weight the corpus gives them rather than at equal weight: Delphi Digital (Nov 2025), which the research grades med, found the rally was whale-driven and had "nothing to do with retail"; CCN, citing CoinMarketCap, graded low, found institutional inflows under 20 per cent and read it as retail. They cannot both be right, the corpus declines to choose, and the weaker of the two is marked as weaker. Open interest today is $1.66B against a market capitalisation of $13.3B to $13.8B.
network-pricecite
- claim
- network-price
- last verified
- 2026-08-22
- confidence
- med
- CoinGecko — Zcash CoinGecko · accessed 2026-08-22
- BitMEX Blog — Why Zcash Crashed Nearly 50% in 48 Hours bitmex.com · accessed 2026-08-22
- CipherScan — Ironwood migration tracker CipherScan · 2026-08-22 · accessed 2026-08-22
- ZEC Stats (zecstats.com) ZEC Stats · accessed 2026-08-22
- Coinglass ZEC derivatives coinglass.com · accessed 2026-08-22
- Coin Metrics, State of the Network #338 Coin Metrics · 2025-11-08 · accessed 2026-08-22
- U.Today/TradingView TradingView · 2025-11-04 · accessed 2026-08-22
- ZEC 500 Percent Rally Explained Next Bitcoin CCN · accessed 2026-08-22
| Date | On the chart | The record | Conf. | Claim |
|---|---|---|---|---|
| ~1 Oct 2025 | Naval: insurance | Naval Ravikant calls ZEC insurance against Bitcoin | med | T2025-10-01T2025-10-01cite
|
| 24-26 Oct 2025 | Hayes: $10k | Mumtaz 'fastest horse' and Hayes '$10k ZEC'; price +30% | high | T2025-10-24T2025-10-24cite
|
| 3 Nov 2025 | CoinDesk (sponsored) | CoinDesk Research runs Zcash report sponsored by GenZcash | high | T2025-11-03T2025-11-03cite
|
| 12 Nov 2025 | Cypherpunk launches | Cypherpunk Technologies launches with Winklevoss-backed ZEC treasury | high | T2025-11-12T2025-11-12cite
|
| 7-8 Jan 2026 | ECC team quits | Entire ECC engineering team resigns in "the rupture" | high | T2026-01-07T2026-01-07cite
|
| 9 Mar 2026 | ZODL $25M | ZODL raises $25M seed round | high | T2026-03-09T2026-03-09cite
|
| 6 May 2026 | Multicoin | Multicoin discloses ZEC position; price jumps 30% | high | T2026-05-06T2026-05-06cite
|
| 4 Jun 2026 | Orchard disclosed | Orchard bug disclosed publicly; ZEC falls 31% | high | T2026-06-04T2026-06-04cite
|
| 28 Jul 2026, 13:00 UTC | Ironwood | NU6.3 Ironwood launches a new shielded pool | high | T2026-07-28T2026-07-28cite
|
| 21 Aug 2026 | Grayscale S-3 No. 5 | Grayscale files fifth amended S-3 for Zcash ETF | high | T2026-08-21T2026-08-21cite
|
D
Phrase catalogue
19 phrases - first known origin - what the record says back - unverified slogans are not shown
encrypted Bitcoin12 Nov 2025 · Predates Galaxy's Nov 2025 report, which attributes it to Zcash's advocates. Zooko himself calls it the winning meme (Bankless, 26 Jan 2026) — i.e. an intentional framing device. Earliest confirmed high-profile use: Tyler Winklevoss, 12 Nov 2025, same day as the $58.9M placement. · amplified by Tyler Winklevoss, Galaxy, Will Owens, Zooko, Bankless, CoinDesk Research, MessariZEC is not Bitcoin-derived in any meaningful sense; privacy is optional, not encrypted-by-default at the protocol level. In Nov 2025 shielded supply was approximately 30%, meaning approximately 70% of ZEC sat in transparent addresses.P-encrypted-bitcoin
P-encrypted-bitcoincite
- claim
- P-encrypted-bitcoin
- last verified
- 2026-08-22
- confidence
- high
- Zcash Founder on Privacy Ai and How ZEC Is Encrypted Bitcoin Zooko Bankless · accessed 2026-08-22
- Zcash Surging Cypherpunk Principles Bitcoin Galaxy Digital Decrypt · accessed 2026-08-22
- Zcash Financial Privacy in the Age of Ai research.grayscale.com · accessed 2026-08-22
Zcash being encrypted Bitcoin is the winning meme26 Jan 2026 · Zooko Wilcox, Bankless, 26 Jan 2026An insider explicitly describing the core slogan as a memetic strategy for winning governance consensus.P-zcash-winning-meme
P-zcash-winning-memecite
- claim
- P-zcash-winning-meme
- last verified
- 2026-08-22
- confidence
- high
- Zcash Founder on Privacy Ai and How ZEC Is Encrypted Bitcoin Zooko Bankless · accessed 2026-08-22
privacy is normal21 Oct 2020 · Josh Swihart, ECC blog, Privacy is normal, safe and essential, 21 Oct 2020 · amplified by Tyler Winklevoss, ecosystem-wideSix-year-old ECC marketing slogan re-voiced verbatim by the DAT's lead investor.P-privacy-is-normal
P-privacy-is-normalcite
- claim
- P-privacy-is-normal
- last verified
- 2026-08-22
- confidence
- high
- Privacy Is Normal Safe and Essential Electric Coin Company · accessed 2026-08-22
If bitcoin is digital gold, Zcash is digital cash12 Nov 2025 · Tyler Winklevoss, 12 Nov 2025 · amplified by Gemini, CypherpunkZEC's actual payment volume is a rounding error against its market cap; the Jan 2026 Gemini card is one of the few real spending rails, and it settles in fiat with ZEC rewards.P-digital-gold-digital-cash
P-digital-gold-digital-cashcite
- claim
- P-digital-gold-digital-cash
- last verified
- 2026-08-22
- confidence
- high
- A Conversation on Zcash with Cameron and Tyler Winklevoss and Zooko Wilcox gemini.com · accessed 2026-08-22
- CryptoBriefing Crypto Briefing · 2026-01-09 · accessed 2026-08-22
encrypted electronic cashdate not established · z.cash official site tagline: Zcash is encrypted electronic cash. · amplified by ECC, all official channelsSame optional-privacy tension.P-encrypted-electronic-cash
P-encrypted-electronic-cashcite
- claim
- P-encrypted-electronic-cash
- last verified
- 2026-08-22
- confidence
- high
- Zcash (z.cash) Zcash · accessed 2026-08-22
- What Is ZEC and Zcash zechub.wiki · accessed 2026-08-22
encrypted money3 Nov 2025 · CoinDesk Research (sponsored), 3 Nov 2025: Encrypted Money at Planetary Scale; Messari reused it · amplified by Cameron Winklevoss, CoinDeskCameron's line was posted the day ZEC fell more than 50% on a bug that made provable correctness demonstrably false for four years.P-encrypted-money
P-encrypted-moneycite
- claim
- P-encrypted-money
- last verified
- 2026-08-22
- confidence
- high
- coindesk.com/research/inside-zcash-encrypted-money-at-planetary-scale CoinDesk · accessed 2026-08-22
- Zcash Building Encrypted Money at Planetary Scale Messari · accessed 2026-08-22
shielded by defaultdate not established · ECC blog, New releases to help enable Zcash Shielded by Default · amplified by Zashi, Zodl wallet marketing, CoinDesk sponsored reportWallet-level default is not the same as protocol-level default. Exchanges (Binance, Coinbase, Upbit) hold customer ZEC in transparent t-addresses, contributing zero shielded supply.P-shielded-by-default
P-shielded-by-defaultcite
- claim
- P-shielded-by-default
- last verified
- 2026-08-22
- confidence
- high
- Privacy Is Normal Safe and Essential Electric Coin Company · accessed 2026-08-22
- coindesk.com/research/inside-zcash-encrypted-money-at-planetary-scale CoinDesk · accessed 2026-08-22
ZEC to $10k~26 Oct 2025 · Arthur Hayes, X post, approximately 26 Oct 2025 · amplified by Media echo chamber, CMC, CCN, Daily Hodl, Bitget, Nov 14 2025 +3,791% variantZEC +30% in 24h ($272 to $355) on the call. Hayes sold his entire position on 5 Jun 2026 at a fraction of $10k.P-zec-to-10k
P-zec-to-10kcite
- claim
- P-zec-to-10k
- last verified
- 2026-08-22
- confidence
- high
- ZEC Surges 30percent After Arthur Hayes Predicts Dollar10000 Target CoinMarketCap · accessed 2026-08-22
- Arthur Hayes 10 000 ZEC Yahoo Finance · accessed 2026-08-22
- CoinDesk, "Arthur Hayes dumps zcash holdings after Orchard Pool vulnerability revealed" (2026-06-05) CoinDesk · 2026-06-05 · accessed 2026-08-22
ZEC to 10-20% of BTC's price11 May 2026 · Arthur Hayes, The Butterfly Touch, 11 May 2026Same author, revised target, approximately 7 months later.P-zec-10-20-btc
P-zec-10-20-btccite
- claim
- P-zec-10-20-btc
- last verified
- 2026-08-22
- confidence
- med
- CoinDesk, "Arthur Hayes dumps zcash holdings after Orchard Pool vulnerability revealed" (2026-06-05) CoinDesk · 2026-06-05 · accessed 2026-08-22
Zcash is the fastest horse for privacy24 Oct 2025 · Mert Mumtaz, CoinDesk podcast, 24 Oct 2025 · amplified by CoinDesk headlineMumtaz runs a Solana infra company; never disclosed a ZEC position.P-fastest-horse-privacy
P-fastest-horse-privacycite
- claim
- P-fastest-horse-privacy
- last verified
- 2026-08-22
- confidence
- med
- CoinDesk podcast CoinDesk · accessed 2026-08-22
a low-entropy carrier in a high-entropy world19 May 2026 · Mert Mumtaz, 19 May 2026No documented tension; recorded for completeness of the catalogue.P-low-entropy-carrier
P-low-entropy-carriercite
- claim
- P-low-entropy-carrier
- last verified
- 2026-08-22
- confidence
- med
- finance.biggo.com (finance.biggo.com) finance.biggo.com · accessed 2026-08-22
insurance against Bitcoin~1 Oct 2025 · Naval Ravikant, approximately 1 Oct 2025 · amplified by Massive echo, AMBCrypto, CCN, ChainCatcher, gate.comProtos: ZEC correlates positively with BTC, does not trade inversely, and had underperformed BTC over the full history (95% below ATH vs. BTC within 5% of its peak). Naval invested $715k in ECC in 2015.P-insurance-bitcoin
P-insurance-bitcoincite
- claim
- P-insurance-bitcoin
- last verified
- 2026-08-22
- confidence
- high
- Zcash vs Bitcoin Debate Exposes Naval Ravikants Conflicts of Interest Protos · accessed 2026-08-22
- news.bitcoin.com news.bitcoin.com · accessed 2026-08-22
the most mispriced asset in crypto26 Mar 2026 · Will McEvoy (Cypherpunk CIO), CoinDesk, 26 Mar 2026 · amplified by CoinDeskSaid by the CIO of a company holding 1.9% of the supply with 1,000,000 RSUs of upside.P-most-mispriced-asset
P-most-mispriced-assetcite
- claim
- P-most-mispriced-asset
- last verified
- 2026-08-22
- confidence
- med
- CoinDesk: Tag Zcash CoinDesk · accessed 2026-08-22
- coindesk.com/research/inside-zcash-encrypted-money-at-planetary-scale CoinDesk · accessed 2026-08-22
- Winklevoss Backed Cypherpunk Targets 5 Zcash Supply 58 Million Treasury Seed The Block · accessed 2026-08-22
a return to the cypherpunk ideals crypto was founded on6 May 2026 · Tushar Jain (Multicoin), 6 May 2026 · amplified by ZEC +30% same daySaid on disclosure of an undisclosed-size position.P-return-cypherpunk-ideals
P-return-cypherpunk-idealscite
- claim
- P-return-cypherpunk-ideals
- last verified
- 2026-08-22
- confidence
- high
- Yahoo/CoinDesk Yahoo Finance · accessed 2026-08-22
Privacy is the precondition of freedomdate not established · cypherpunk.com mission statement; Tyler Winklevoss variant 12 Nov 2025 · amplified by Cypherpunk corporateNo documented tension; recorded for completeness of the catalogue.P-privacy-precondition-freedom
P-privacy-precondition-freedomcite
- claim
- P-privacy-precondition-freedom
- last verified
- 2026-08-22
- confidence
- high
- cypherpunk.com cypherpunk.com · accessed 2026-08-22
- Winklevoss Twins Back Zcash Security Yahoo Finance · accessed 2026-08-22
Finding a bug isn't a security failure. Not looking is5 Jun 2026 · @cypherpunk on X, 5 Jun 2026, alongside Please stop the FUD · amplified by CypherpunkPosted as CYPH fell more than 40% and ZEC more than 50%.P-bug-not-security-failure
P-bug-not-security-failurecite
- claim
- P-bug-not-security-failure
- last verified
- 2026-08-22
- confidence
- high
- The Block — Zcash vulnerability, ZEC drops 31% (4 Jun 2026) The Block · 2026-06-04 · accessed 2026-08-22
- CoinDesk, Zcash plummets 38% as Shielded Labs reveals a major bug CoinDesk · 2026-06-05 · accessed 2026-08-22
spiritual successor to Bitcoin4 Nov 2025 · Galaxy Digital / Will Owens, 4 Nov 2025 · amplified by Decrypt, CoinMarketCapNo documented tension; recorded for completeness of the catalogue.P-spiritual-successor-bitcoin
P-spiritual-successor-bitcoincite
- claim
- P-spiritual-successor-bitcoin
- last verified
- 2026-08-22
- confidence
- high
- Zcash Surging Cypherpunk Principles Bitcoin Galaxy Digital Decrypt · accessed 2026-08-22
- coindesk.com/research/inside-zcash-encrypted-money-at-planetary-scale CoinDesk · accessed 2026-08-22
Zashi / Zodl2024 · Zashi wallet launched 2024 by ECC; rebranded Zodl under ZODL in 2026 · amplified by ZODL, Cypherpunk, CoinDeskClaimed more than 400% shielded-pool growth since 2024 launch; $600M+ in ZEC swaps since Oct.P-zashi-zodl
P-zashi-zodlcite
- claim
- P-zashi-zodl
- last verified
- 2026-08-22
- confidence
- med
- Zcash (z.cash) Zcash · accessed 2026-08-22
- What Is ZEC and Zcash zechub.wiki · accessed 2026-08-22
- Cypherpunk Makes 5m Investment Into Zcash Open Development Lab Zodl barchart.com · accessed 2026-08-22
Zcash season / privacy coin seasondate not established · Generic crypto-media construction (U.Today, TradingView) · amplified by Retail mediaPrivacy coins were the weakest-performing sector in early Jan 2026 while the phrase was still circulating.P-zcash-season
P-zcash-seasoncite
- claim
- P-zcash-season
- last verified
- 2026-08-22
- confidence
- med
- U.Today/TradingView TradingView · 2025-11-04 · accessed 2026-08-22
- ZEC 500 Percent Rally Explained Next Bitcoin CCN · accessed 2026-08-22
Three slogans the brief asked for are not here and never will be: no first-party use of "#ZecToTheMoon", "the privacy layer of the internet" or "the only true private cryptocurrency" could be located anywhere. They sit in the quarantine with the reason attached, which is a different thing from being deleted.
E
Paid content, and what cuts the other way
the grant book, and the case against this page
paid content — Zcash Community Grants - $20.5M committed (excl. cancelled), $18.7M paid, $1.9M open, 183 approved grants; roughly $3.5-3.8M explicitly promotional
| Grantee | Amount | Date | Claim |
|---|---|---|---|
| Zcash Media | $600,000 | 2023, cancelled | N-edge-zcg-grants-zcash-mediaN-edge-zcg-grants-zcash-mediacite
|
| ZecHub | $433,079.25 | approved 11 Dec 2025 | N-edge-zcg-grants-zechubN-edge-zcg-grants-zechubcite
|
| Zcash Brazil | $344,985 | 2026 | N-edge-zcg-grants-zcash-brazilN-edge-zcg-grants-zcash-brazilcite
|
| Free2Z | $333,000 | 2026 | N-edge-zcg-grants-free2zN-edge-zcg-grants-free2zcite
|
| ZK AV Club | $228,545 | 2026, open (8/13 milestones) | N-edge-zcg-grants-zk-av-clubN-edge-zcg-grants-zk-av-clubcite
|
- conference marketing
- $9k to $64k per event
- Twitter ambassador programme
- $4,500
- explicitly promotional, total
- roughly $3.5M to $3.8M
Transparent by the standards of this industry: every grant is public, debated on the forum, tracked to milestones, and the largest single media grant was cancelled for under-delivery. Two criticisms survive that. The downstream content rarely re-discloses the funding at the point of consumption; and Paul Brigner sits on the grant committee while employed as ZODL's policy chief. And the arithmetic cuts the other way as well: $3.5M of lifetime promotional grants cannot move a $13.3B asset. If this move was engineered, it was engineered by balance sheets and derivatives, not by content.
N-zcash-community-grantsN-zcash-community-grantscite
- claim
- N-zcash-community-grants
- last verified
- 2026-08-22
- confidence
- high
- openzcash.org/zcg/grants OpenZcash · accessed 2026-08-22
- Zcash Community Grants Zcash Community Grants · accessed 2026-08-22
- ZIP 1016, Community and Coinholder Funding Model Zcash Improvement Proposals · accessed 2026-08-22
what cuts the other way — published on the same page, at the same weight, by design
- The loudest promoter sold, and said so. Arthur Hayes liquidated the entire position on 4-5 Jun 2026 and disclosed the exit publicly. That is not what a coordinated cartel does.N-edge-hayes-exits-position
N-edge-hayes-exits-positioncite
- claim
- N-edge-hayes-exits-position
- last verified
- 2026-08-22
- confidence
- high
- CoinDesk, "Arthur Hayes dumps zcash holdings after Orchard Pool vulnerability revealed" (2026-06-05) CoinDesk · 2026-06-05 · accessed 2026-08-22
- Cryptopolitan cryptopolitan.com · accessed 2026-08-22
- The ecosystem argued with itself in public. A donor rather than a holder, and the ecosystem's clearest public dissent against a fellow promoter (Naval) rather than a promotional voice himself.N-vitalik-buterin
N-vitalik-buterincite
- claim
- N-vitalik-buterin
- last verified
- 2026-08-22
- confidence
- high
- Cryptopolitan cryptopolitan.com · accessed 2026-08-22
- Vitalik Buterin Dark Hand of Token Voting Could Erode Zcash Privacy Decrypt · accessed 2026-08-22
- The grant programme killed its own biggest promotional grant. The $600,000 Zcash Media grant was cancelled at six of nine milestones.N-edge-zcg-grants-zcash-media
N-edge-zcg-grants-zcash-mediacite
- claim
- N-edge-zcg-grants-zcash-media
- last verified
- 2026-08-22
- confidence
- high
- openzcash.org/zcg/grants OpenZcash · accessed 2026-08-22
- The advocacy predates the rally by years. "Privacy is normal" is an ECC post of 21 Oct 2020; Naval's investment in the Electric Coin Company is 2015, at $715,000 (collective). This is a decade-old network, not one assembled for a pump.N-edge-naval-invests-ecc
N-edge-naval-invests-ecccite
- claim
- N-edge-naval-invests-ecc
- last verified
- 2026-08-22
- confidence
- high
- Zcash vs Bitcoin Debate Exposes Naval Ravikants Conflicts of Interest Protos · accessed 2026-08-22
- The regulator closed its file. SEC closes the Zcash Foundation probe, no enforcement. ZEC +10–14%T2026-01-15
T2026-01-15cite
- claim
- T2026-01-15
- last verified
- 2026-08-22
- confidence
- med
- crypto.news — SEC ends Zcash Foundation probe crypto.news · accessed 2026-08-22
- The engineering is real and it shipped. Zashi wallet launches (iOS; Android late April) (28 Mar 2024); NU6.3 Ironwood launches a new shielded pool (28 Jul 2026, 13:00 UTC). A promotion-only ecosystem does not seal its own pool behind a turnstile.
- It disclosed and fixed its own worst bug rather than burying it. B2 was found on 29 May 2026, 23:53. Fixed: soft fork 2 Jun 2026 (block 3,363,426); NU6.2 hard fork 3 Jun 2026 (block 3,364,600). Disclosed: 4 Jun 2026 (forum); GHSA/CVE 15 Jun 2026.B2
B2cite
- claim
- B2
- last verified
- 2026-08-22
- confidence
- high
- GHSA-ww9q-8r59-xv46 / CVE-2026-54496 (Orchard soundness, CVSS 9.3) GitHub · accessed 2026-08-22
- ZODL — Orchard Vulnerability Successfully Remediated (2 Jun 2026) ZODL · 2026-05-29 · accessed 2026-08-22
- Zcash Community Forum — The Orchard Counterfeiting Vulnerability—And Next Steps (4 Jun 2026) Zcash Community Forum · 2026-06-04 · accessed 2026-08-22
- Schneier on Security — Critical Zcash Vulnerability Found and Fixed (Jun 2026) Schneier on Security · accessed 2026-08-22
- The price fell, hard, twice. From the November high to the March trough the plotted daily closes are down 69.5 per cent; across the two sessions after the Orchard disclosure they are down 37.2 per cent. Both figures are arithmetic on the series above, and both stop there: the corpus quarantines the exact June low and the exact date of the November high, so no deeper number is published. That is not what a functioning manipulation looks like.
Dropped after research. Four claims this page would otherwise have carried were checked and are not published. They are listed rather than deleted, because deleting them would hide that they were checked at all.
- contradicted
Korean exchanges dominate ZEC trading volume worldwide.
Searched CoinGecko's full 82-pair, 48-venue ZEC ticker set (22 Aug 2026): it contains zero KRW pairs and zero Korean venues (Upbit, Bithumb, Coinone, Korbit, Gopax). Upbit delisted ZEC in September 2019 for FATF compliance and has not relisted it. Publishing a Korean-dominance claim would require a venue breakdown showing Korean exchanges present at all, which does not exist.
U-korean-exchange-dominancelow - contradicted
Electric Coin Company and the Zcash Foundation conducted staff layoffs in 2023 and 2024.
No reporting of ECC or Zcash Foundation layoffs in 2023 or 2024 was located. ECC's Q3 2024 transparency report shows a budget deficit but no staff reductions. The event actually on record is the January 2026 mass resignation of ECC's entire engineering and product team to found ZODL, a separate and later event that should not be described as a layoff.
U-ecc-zf-layoffs-2023-24low - not-verified
Coordinated bot networks are pumping ZEC's social-media volume and price.
No Nansen, Arkham, Dune, LunarCrush or Santiment study alleging coordinated inauthentic ZEC accounts could be located anywhere. This is an unevidenced allegation, not a documented finding, and must be omitted or explicitly labelled as unverified rather than stated as fact.
U-bot-networks-pumping-zeclow