Arthur Hayes tells Zcash holders to withdraw from CEXs and ‘shield’ assets
Hayes’ call to self-custody Zcash highlights renewed focus on privacy coins as the sector sees sharp price swings and mixed performances.
The privacy coin sector has returned to the spotlight after BitMEX co-founder Arthur Hayes urged Zcash holders to withdraw their assets from centralized exchanges (CEXs).
On Wednesday, Hayes told holders to “shield” their assets, a feature that enables private transactions within the Zcash network. “If you hold $ZEC on a CEX, withdraw it to a self-custodial wallet and shield it,” Hayes wrote on X.
The comments came as Zcash (ZEC) saw sharp price swings in the last few days. The token rallied to $723 on Saturday before dropping to $504 on Sunday. It then surged to a high of $677 on Monday, only to see a sharp decline. At the time of writing, ZEC trades at around $450, marking a 37% decline from its Saturday high.