Zcash price jumps 45% after Ironwood upgrade fixes counterfeit token bug

The privacy‑focused cryptocurrency Zcash (ZEC) recovered roughly 45% from its recent low near $300, trading around $430‑$440 after the emergency Ironwood upgrade was deployed. The upgrade addressed a critical vulnerability in the Orchard privacy pool that, if exploited, could have allowed unlimited counterfeit ZEC to be minted. Shielded Labs, the Zcash Foundation and the Zcash Open Development Lab coordinated the fix with major mining pools, introducing a new privacy pool and preventing further coin creation in the old pool.

Investor confidence returned as no evidence of the bug being exploited emerged, driving market‑cap growth toward $7.2 billion. On‑chain activity remained stable, and the rebound was largely driven by short covering and leverage compression rather than fresh buying. The episode attracted attention from figures such as Chamath Palihapitiya, who highlighted the importance of the upgrade for supply verification.

While the price surge restored some momentum, analysts note that derivatives interest has flattened and funding rates remain negative, suggesting limited upside without renewed accumulation.