BuyHighSellHigh

Zsnarks #9421

[zkSNARKs @zksnarks_]

We ruffled feathers. Good.

Zcash has spent a decade building the best privacy tech in crypto and almost none of it has been stress-tested by people who don't already care about privacy.

We're fast-tracking the ZSA conversation because the standard doesn't exist yet and collections are already here. You can wait for infrastructure or you can create the pressure that builds it. We chose the latter.

When everyone goes right, we go left. This is the only way anything gets built before there's permission to build it.

Not everyone likes that. The timeline is full of takes from both directions right now: people who think we moved too fast, people who think the chain moved too slow. Both arguments are worth having, and neither was happening a week ago.

Provenance is the record of what a thing survived. Every collection worth owning has scars from the period when nobody agreed on what it was.

This is that period.

ZILLIONS_

[BuyHighSellHigh @Sh0wst0p]

@coinbureau Where's the rug? Every winner paid the same price. 13.3K ZEC was refunded to everyone else. Royalties are paid on resales, not from the raise. Ask for the treasury wallet, sure. But a suspicion isn't proof.

[Blockchain Explorer @besiktaspokemon]

I’m launching a campaign to push back against the FUD started by @zachxbt around @zksnarks_.

To fund the fight for reach, facts, and the community, I’ve listed my PFP, zkSnark #3727, for 10 ZEC.

For anyone who wants to support the campaign with a smaller contribution, my transparent ZEC address is:

t1gDU2oxkGzWYu7qgoBiLhUVntumLvpx5Uw

Every ZEC raised will be used to fund efforts against the FUD, restore confidence around @zksnarks_, and help the floor recover from the damage caused by it.

Anyone who wants to support the campaign is welcome to join.

zillions_

[zkSNARKs @zksnarks_]

> all roads lead to @zilkroad_

$ZEC // MARKET OPENS TOMORROW_

[zkSNARKs @zksnarks_]

ZILK ROAD // UPDATE

zkSNARKS royalties: 0%
Marketplace fees: 0%

All royalties collected to date will be pledged to Zcash builder grants.

More on that next week.

Trade freely.

$ZEC //

[BuyHighSellHigh @Sh0wst0p]

Cracking two boxes what will we get

[zkSNARKs @zksnarks_]

enter_the_zilk_road

$ZEC //

[Now Media @nowmedia]

.@zksnarks_ raised $17.5M in its Zcash NFT auction 👀

The sale drew 16,971 bids totaling $36.9M, with $19.4M to be refunded

All 8,000 NFTs cleared at 1.5 ZEC (~$2,190) each

Secondary trading is set to launch on @zilkroad_

[BuyHighSellHigh @Sh0wst0p]

Pulled this last night

[Turnt Up Dylan (DKS) 💀👑 @TurntUpDylan]

The timing of zkSNARKS feels almost too perfect.

Zcash is approaching 10 years just as privacy becomes one of crypto’s biggest conversations again.

If Zcash is entering a new era, SNARKS might be the cultural timestamp for when it started.

ZILLIONS.

[BuyHighSellHigh @Sh0wst0p]

Ripping some cards

[BuyHighSellHigh @Sh0wst0p]

@GASZ4433 @spir8l_com nothing

[BuyHighSellHigh @Sh0wst0p]

@GASZ4433 @spir8l_com Sources: Cryptonomist, Coinfomania, BitcoinEthereumNews, https://t.co/H92Kns7p7v, on-chain via Blockscout for 0x0C23C8… and 0x859E69….

[BuyHighSellHigh @Sh0wst0p]

The fake "$2.4B market cap" (Sep 15)
Someone paired SPIRAL against a worthless token called mmETH and set the ratio so that pool quotes SPIRAL at ~$2,176 each with ~$2.5M of "liquidity" (13 trades, $3.8K real volume). https://t.co/80NeKm74vN's price feed picked that pool up and printed $2.2–2.4B; Dexscreener and GeckoTerminal ignored it. Real price at the time: $0.045 (~$45K cap), and there's no ETH or USDC on the other side of that pool, so nothing is sellable at that number. It's a screenshot-bait pool.

[BuyHighSellHigh @Sh0wst0p]

What it left behind
148K SPIRAL (14.8% of supply) stuck in the hook as collateral, 67.6 ETH of debt outstanding, all six positions underwater at ~16% coverage (liquidation price ~$1.86 vs $0.20 spot). Pool liquidity dropped from ~$217K to 19.8 ETH (~$50K), and every lendable band was consumed. Price went $1.43 → $0.20 (−86%), cap ~$202K. My read then: not a dip, a post-mortem — the same flaw exists in every child launch and "immutable" means it can't be patched in place. You exited on that (net ≈ −$117).

[BuyHighSellHigh @Sh0wst0p]

The exploit — Sep 14, 3:17 AM ET (07:17 UTC), one Ethereum block
Wallet 0x859E69…2F0 deployed contract 0x0C23C8…6F86 and funded it with 54 ETH. The contract market-bought 141,059 SPIRAL (~$133K) in a single swap, spiking the price from $0.28 to $0.94. It then used six fresh throwaway wallets (0xF3E7ad, 0x4116d2, 0x023995, 0xf914EC, 0x8DAF95, 0x863d23 — to dodge the same-block guard that keyed off tx.origin) to deposit that SPIRAL as collateral across six borrow positions and pull 64.7 ETH out of the pool at the inflated valuation. The 64.7 ETH went back to 0x859E69, which was emptied within the hour. Net attacker profit ≈ 10.7 ETH (~$27K). SlowMist flagged it; Cryptonomist, Coinfomania and BitcoinEthereumNews reported it that morning.

[BuyHighSellHigh @Sh0wst0p]

Can't stress this enough; I posted previously what happened before. If you buy this, you will eventually lose your money. I believe the team purposely put a back door on the Spiral platform so they could drain the wallets related to the project. Wallet 0x859E69…2F0 deployed a contract (0x0C23…6F86) and funded it with 54 ETH. The contract market-bought 141,059 SPIRAL (~$133K) in one shot; that's the candle you saw spike from $0.28 to $0.94. Using six fresh throwaway wallets (to dodge the hook's same-block guard, which keys off tx.origin), it deposited those tokens as collateral in six borrow positions and drew 64.7 ETH out of the pool valued at the pumped spot price, because the hook prices collateral off its own pool with no TWAP or limit. The contract sent the 64.7 ETH back to 0x859E69, which has since been emptied. Net profit ≈ 10.7 ETH (~$27K); SlowMist flagged it, and the press picked it up this morning. This was my previous post after an investigation

[BuyHighSellHigh @Sh0wst0p]

Can't stress this enough; I posted previously what happened before. If you buy this, you will eventually lose your money. I believe the team purposely put a back door on the Spiral platform so they could drain the wallets related to the project. Wallet 0x859E69…2F0 deployed a contract (0x0C23…6F86) and funded it with 54 ETH. The contract market-bought 141,059 SPIRAL (~$133K) in one shot; that's the candle you saw spike from $0.28 to $0.94. Using six fresh throwaway wallets (to dodge the hook's same-block guard, which keys off tx.origin), it deposited those tokens as collateral in six borrow positions and drew 64.7 ETH out of the pool valued at the pumped spot price, because the hook prices collateral off its own pool with no TWAP or limit. The contract sent the 64.7 ETH back to 0x859E69, which has since been emptied. Net profit ≈ 10.7 ETH (~$27K); SlowMist flagged it, and the press picked it up this morning. This was my previous post after an investigation