Odaily Planet Daily reported that Sovright (the formally established non-profit successor organization related to the Zcash R&D formerly associated with Electric Coin Company) officially released a wallet recovery tool called “Argos,” designed to help early Zcash users recover funds that have been “stuck” due to the discontinuation of maintenance for the 2022 old version of the ZEC Wallet Lite.

Sovright's executive board chairperson, Michelle Lai, said that Argos can restore affected assets as long as users still hold the old wallet mnemonic phrases. However, because only specific shielded addresses are involved, the affected amount cannot be precisely determined, though it is estimated to be “significant,” mainly concentrated among early long-term holders. She said the issue is one of the community’s long-standing “technical pitfalls” that, while not very noticeable, continues to erode users’ trust.

Sovright is currently made up of only three core members, all of whom come from the former Bootstrap system. The team is also testing a privacy-oriented Zcash mining pool to reduce the concentration of hash power and improve the network’s decentralization. The organization’s former governance structure underwent major changes earlier; employees of Electric Coin Company collectively left and formed a new entity, Zcash Open Development Lab (ZODL), which has received support from institutions such as Paradigm and a16z. ZODL focuses on product development related to Zcash.

Sovright emphasized that there is no inherent conflict between it and ZODL, and said it will continue to focus on addressing “long-standing issues” in the Zcash ecosystem, including key pain points such as wallet usability and infrastructure stability. (The Block)