ZEC surged more than 29% in 24 hours, with its price nearing the all-time high and market capitalization climbing to $12.46 billion.

According to HTX market data, ZEC has surged over 29% in the past 24 hours, currently trading at $735.47, approaching its previous all-time high of $750, with market capitalization rising to $12.46 billion. Earlier on June 5, Zcash founder Zooko Wilcox, together with Jason McGee and Taylor Hornby, published a detailed article disclosing a critical soundness vulnerability in the project’s latest privacy layer Orchard pool, which could be exploited to create an unlimited number of fake ZEC in an untraceable environment. The Zcash ecosystem had already completed an emergency network upgrade to fix the flaw, but after the full impact was disclosed, ZEC’s price experienced sharp volatility, with a temporary flash crash hitting $250.12. On August 20, Grayscale filed the fourth amended document for converting its Zcash Trust into an ETF, proposing to rename the fund and list it on the New York Stock Exchange under the ticker symbol "ZCSH". The document shows that DCG International Investments Ltd., a subsidiary of parent company Digital Currency Group (DCG), is in discussions to inject approximately 200,000 ZEC into the fund.