Arthur Hayes urges Zcash holders to move funds off exchanges

Key Takeaways

• Arthur Hayes recommends Zcash holders move their ZEC off centralized exchanges to self-custodial wallets.
• Zcash's value has surged 700% since October, now making it the second-largest asset in Maelstrom's portfolio after Bitcoin.

BitMEX co-founder Arthur Hayes urged holders of Zcash (ZEC) to withdraw their assets from centralized exchanges to self-custodial wallets.

“If you hold $ZEC on a CEX, withdraw it to a self-custodial wallet and shield it,” Hayes wrote on X on Wednesday.

Zcash has climbed sharply over the past few weeks, reaching $711 last week, its highest level since early 2018, according to CoinGecko. The cryptocurrency is now trading at $474, up 88% in the past month.

Hayes announced last week that Zcash was the second-largest liquid asset in his family office, Maelstrom, second only to Bitcoin, following an increase in value.

The rise of Zcash is attributed to heightened interest in its privacy features amid growing discussion about transaction anonymity in the crypto sector.