almost all privacy protocols have a variant of this same thing
this same FUD comes back every 5 months as new people learn how privacy pools work (and curiously it mostly comes from xmr ppl who are also vulnerable to counterfeit bugs lol)
in theory, with a zk privacy protocol (not just zcash), you could have a bug in a circuit that inflates supply provided someone extremely sophisticated finds it and somehow exploits it undetected (the difference between a regular defi exploit is that it's harder to detect)
the new information since last week is that the team has ramped up redteaming their own circuits with a ton of new advanced tools and teams specifically for this purpose and patched the bug in the process
(I actually thought people would find this bullish but I'm retarded clearly)
on zcash, you can catch this with a turnstile such that the total supply is not inflated and the attacker is stopped but that would effect withdrawals from that specific shielded pool until social consensus
you can probabilistically claim there was no exploit though not definitively because the turnstile would've triggered and probabilistically an attacker would've sold by now or the several other run ups, and the fact that the very best security people from all over couldn't find an issue for years, but nothing has changed as this was always the case
it's also why "just adding privacy" on a different chain (without audit ability) is not as easy as it sounds because you want the very best people working on this at all times and that was the point of this
I get this makes some people uneasy, so there will be a network upgrade to allow anyone to verify the integrity, coming up (see zooko's post)
this is why project tachyon is going to be such a banger. not just because it will be quantum proof but because it will be a new pool (which will definitively prove this wasn't exploited), but because it will be formally verified, simpler, and provably sound
anyway, im shielding and chilling
see:
https://t.co/qhbBDy2Kk4
��� zcash:native red flags: dev team exodus, multiple critical vulnerabilities in months, emergency forks & patches back to back, billions in shielded pools at risk. “No exploitation” — but can you verify that?
Get rekt.
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