Today's 55% crash of ZEC in a single day is a massive blow to the confidence of the crypto community, especially since it was once considered one of the blue-chip tokens with strong consensus. Not many people in China play with ZEC or have much experience with it, but this privacy coin narrative has quite a following in the West, especially after that wave of hype from Naval. A lot of people bought into it, especially after a big rally that pulled in many believers. Up until just a few days ago, even when $BTC was crashing, ZEC remained very resilient. I even saw quite a few die-hard believers hyping it up. There’s always been talk that the price surges were manipulated by a small group of big-money whales working together, including the infamous Arthur Hayes, who’s been known to pump and dump openly. Some are saying this crash was caused by that minting bug, but the team had already announced that it was patched. Personally, I think the massive price drop is more likely due to those whales cashing out after finishing their play. The flood of spot selling today is evidence of that. A $12 billion market cap, a so-called "blue-chip" token with strong consensus, and $6 billion wiped out in a single day. Who knows how many true believers got wrecked today—it’s honestly pretty disheartening. How many other high-market-cap tokens in the crypto space, seemingly propped up by consensus, are just waiting to have their masks ripped off? Be cautious about bottom-fishing in the near term. Building consensus is hard, breaking it is easy, and repairing it takes a long time.