$ZEC According to on-chain analyst ZachXBT (@zachxbt), the recent Zcash chain-based 10K PFP NFT project, zkSNARKs, is suspected of rug-pulling. The project attracted 16,971 bids through a blind auction and ultimately allocated 8,000 NFTs at a clearing price of 1.5 ZEC (approximately $2,190), generating a total trading volume of 25,305 ZEC (approximately $36.94 million). Refunds of 13,309 ZEC (approximately $19.43 million) have been gradually returned. ZachXBT noted that the project raised approximately $17 million, with a 10% team allocation, 5% royalties, and around $2,000 in minting fees, yet offers no utility whatsoever—resembling the classic "pump-and-dump" scheme commonly seen in Ordinals projects.

Wall street will bleed it dry if this comes out as a scam, with ETFs massive outflow. Lets see.