According to monitoring by Onchain Lens, privacy coin ZEC fell below the $400 mark, impacted by the Orchard Pool vulnerability. The flaw exposed technical weaknesses in ZEC's privacy transaction pool, triggering market concerns over ZEC's security and leading to concentrated sell pressure that drove prices sharply lower in the short term.
On-chain data reveals that the well-known address "1011 insider whale" Garrett Jin saw a dramatic divergence in position performance during this move. His 3x leveraged ZEC short position accurately captured the downturn, with unrealized profits now exceeding $13.5 million, making it one of the most profitable directional bets from the vulnerability event. However, his 5x leveraged BTC long position underperformed significantly, recording over $17 million in unrealized losses—far surpassing the gains from the ZEC short leg. The net position remains underwater, and the address's long-short portfolio strategy is facing substantial drawdown pressure amid persistent weakness in BTC prices.