Zcash Found Its Worst Bug. Then It Bounced 42%.

Hi! In today’s edition:

• 🛡️ A privacy coin that looked dead Friday is staging a comeback, and the developers have a plan to make sure this kind of crisis never repeats

• 📉 Bitcoin found a floor after a brutal week, and one big regional market crashing didn't help the picture

• 🟧 The biggest corporate Bitcoin holder is signaling something specific to traders who know how to read his charts

• 🎯 A platform built for memecoin chaos just launched a bounty marketplace and the things people are paying strangers to do have a state governor calling for a ban

Zcash Bounces 42% as Devs Propose Ironwood Upgrade

ZEC has rebounded roughly 42% from Friday's post-disclosure low near $409 to around $580 as developers unveiled a new privacy pool designed to restore user-level supply verification.

ZODL, Shielded Labs, the Zcash Foundation, Tachyon, and Valar Group jointly proposed Ironwood, a new shielded pool targeting end-of-July activation. Ironwood uses the patched Orchard circuit but adds formal verification, independent audits, and AI-assisted security review. A turnstile mechanism will validate every coin moving from Orchard, letting any node operator verify the circulating ZEC supply directly.

Orchard will stop accepting new deposits or intra-pool transfers once Ironwood activates. Users will move funds one-click through wallets, keeping existing receiving addresses. Researcher Taylor Hornby, who used Anthropic's Opus 4.8 to find the original Orchard bug, has now added Monero to his audit queue.

Bitcoin Reclaims $63K After Dipping Below $60K

Bitcoin reclaimed $63,000 Monday morning in what analysts called a classic oversold relief rally, after dipping below $60,000 Friday following strong U.S. jobs data and the Zcash crash dragging on broader crypto confidence.

The rebound triggered approximately $504 million in short liquidations over 24 hours, the largest single-day hit since late April, per CoinGlass data. Total crypto liquidations approached $655 million, affecting more than 104,000 traders.

The risk-off outlook was noticed across broader financial markets, including South Korea's KOSPI, which plunged 8% on Monday's open, triggering a circuit breaker. Samsung also dropped 7.3%, and SK Hynix fell 4%. 

Renewed Iran-Israel strikes sent oil up more than 3%. Presto analyst Min Jung described the BTC bounce as oversold-driven, noting bitcoin remains down roughly 15% week-on-week.

Saylor Teases Fresh Bitcoin Buy as Strategy Sits $11.7B Underwater

Strategy executive chairman Michael Saylor posted "a good time to add more dots" on X Sunday alongside the company's bitcoin acquisition tracker chart, his customary signal that a Monday 8-K disclosure may follow.

Strategy holds 843,706 BTC at an average cost of $75,699, currently sitting on an unrealized loss of roughly $11.7 billion, or about 18%. CEO Phong Le replied to the post: "Our corporate Strategy is to increase net Bitcoin and Bitcoin per share over time. Rumors otherwise are just rumors."

Strategy's USD reserves stood at $900 million as of May 31, down from $2 billion before May's $1.5 billion convertible note repurchase. JPMorgan said last week the firm may need to rebuild dollar reserves to restore investor confidence.

Pumpfun's GO Bounty Marketplace Goes Dystopian Fast

Pump.fun launched its GO bounty marketplace on June 4 with the tagline "Pay ANYONE to do ANYTHING." Within hours, a user posted a $690,000 suicide-linked listing. Within days, a man in India tattooed a misspelled meme coin ticker on his forehead and lost the 40 SOL payout in a dispute.

New York Governor Kathy Hochul posted on X, "Offering a bounty on the first bill introduced to ban this dystopian nightmare." Chainlink's Zach Rynes referenced Black Mirror. Blaze Media columnist Auron MacIntyre called it "post-human politics."

The forehead tattoo dispute spawned an organic memecoin called BOUTYWORK, which reached a $373,000 market cap within hours. Creator fees paid to the tattoo recipient totaled roughly $15,000, more than the disputed bounty itself.

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Bitcoin dropped below $60K and snapped the 200-week moving average — a signal the market rarely ignores.

Austin, Ram, and Chris weigh in on a week that handed them a Claude-discovered Zcash vulnerability, a brutal MSTR/STRC squeeze, a Hunter Biden crypto pivot, and a SpaceX/Anthropic IPO pair that may be pulling institutional capital out of crypto and into AI.

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• 🏛️ Securitize cleared an SEC registration hurdle to list on the NYSE as SECZ, becoming the first major BlackRock-backed tokenization firm to go public. The listing positions Securitize as a pure-play tokenization equity for institutional investors.

• ⚖️ Hyperliquid was added to the UK FCA's warning list, with the regulator flagging hyperfoundation.org and app.hyperliquid.xyz as unauthorized firms potentially targeting British consumers. The notice was dated May 21 but only began drawing attention this week.

• 📋 Congress's House Ways and Means Committee will weigh 7 new crypto tax bills on June 9, including a de minimis exemption for small crypto transactions and treatment of staking rewards. The bills represent the most coordinated congressional crypto tax push to date.

• 🟧 Hyperliquid treasuries remain alone in profit as legacy crypto digital asset treasury companies bleed billions, per The Block analysis. Strategy, BitMine, and others are deeply underwater while HYPE-aligned treasury vehicles are still net positive.

• 📋 HTX exchange will delist Trump-linked USD1 after saying World Liberty Financial froze exchange-linked addresses without warning. The dispute marks the first publicly disclosed exchange-vs-WLF conflict over USD1.

• 🚀 Bybit is offering tokenized SpaceX IPO access through xStocks, following Kraken's earlier integration. The product gives non-US users tokenized pre-IPO exposure ahead of SpaceX's June 12 Nasdaq listing.

• 📉 Hyperion DeFi will unwind $29 million in HYPE deals with Felix and Native Markets as USDH sunsets. The unwind closes a chapter on the Coinbase-Hyperliquid USDC deployer transition that finalized last month.

• 🏦 Morgan Stanley is letting wealth clients lend bitcoin and other crypto assets for in-kind spot crypto ETF conversions through a Galaxy Digital referral capability. The product opens an institutional pathway between direct crypto custody and ETF positions.

• 💼 Mobius raised a strategic round led by YZi Labs with participation from Finality Capital, L2 Iterative, The Rollup, SNZ Holding, Inception Capital, and Contribution Capital. The unified margin trading platform for perp DEXs will launch on Hyperliquid and Aster DEX in Q3.

• 💳 WasabiCard closed a Pre-A round backed by Vernal Capital, Avenir Group, Vision Plus Capital, and 01VC. The crypto-native payments card positions itself as a consumer fintech wedge into mainstream payments.

1. Guy: The problem with privacy

2. Josh Swihart 🛡: Subduing the World. Zcash Update.