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Zcash News

Zcash Community Discovers Fake Malicious Version of ZECWallet

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The latest Zcash news bring a new update, stating that members of the Zcash community recently discovered what seems like a scam – and a very suspicious and potentially malicious counterfeit version of the Zcash Foundation and its native ZecWallet.

According to a Twitter post that was published on October 20 and then retweeted by the Zcash developer Electric Coin Company, the fake ZecWallet was discovered by the community and likely contains malware. The tweet reads:

“PSA to all Zcash users! There is a fake version of ZecWallet that likely contains malware (size and checksum is different) double check you are downloading from official @zecwallet repo on GitHub: https://github.com/ZcashFoundation/zecwallet

As we previously reported in our cryptocurrency news, a bug was found in all Zcash implementations and most of its forks – identified as one that could leak metadata that contains the full nodes with shielded IP addresses.

On October 18, the major antivirus software supplier ESET also discovered a “trojanized” version of the Tor Browser designed to steal Bitcoin (BTC) from its users. Similar to the Zcash community, ESET discovered the bug and its vulnerability. Targeting users in Russia, the fake Tor Browser was distributed via two websites and has been stealing crypto from darknet shoppers by swapping the original crypto addresses since 2017.

This was not a first for ESET. The company also flagged another form of malware in October, stealing crypto from users. The update was named “Casbaneiro” or “Metamorfo” and has the banking trojan which targeted banks and crypto services located in Brazil and Mexico, allegedly stealing 1.2 BTC at the time.

The ZEC token is now trading at $36.44 with a 0.77% increase on the day. The market cap of the ZEC cryptocurrency is now at $279.7 million. There have been a lot of ups and downs for ZEC lately, but the Zcash community believes that the coin is able to go through all of them and prove that it is something worth investing in.

Meanwhile, the other news show that Monero (XMR) was the best performer last week. Besides XMR, the Bitcoin Cash BCH token is in an impressive run today with gains of 5%. The true leader, however, is Chainlink’s LINK token which managed to rise by 12.44% on the day.

 

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Zcash News

Electric Coin Company Donates ZCash Trademark To Zcash Foundation

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Electric Coin Company has officially donated the Zcash trademark to the Zcash foundation after they had created the privacy-focused cryptocurrency in 2016 as we are reading further in the Zcash news today.Upon an agreement that was signed on November 6, the Zcash Foundation will be financially responsible for all of the costs associated with assigning and also protecting the trademark. When the news was announced, the Zcash Foundation mentioned the existing disagreement with the ECC over the future of the trademark. The foundation noted that it returned to negotiations with the Electric Coin Company after failing to reach an agreement in late August 2019 during the forum of the Zcash community.The Electric Coin Company explained that the trademark agreement was very important because it protected the reputation of the company and separated one product from another. The company said that Zcash’s trademark also protects the community from the number of scams and brings legal power to Zcash’s blockchain governance. According to the ECC, the donation will solve two of the most basic problems including further decentralizing the organization and support and honoring the community’s feedback.The Zcash foundation noted that this agreement maintains interoperability with standard legal and business frameworks. Back in October, there was a potential malicious counterfeit version of Zcash Foudnaiton’s wallet ZecWallet. This agreement with the Electric coin company and the Zcash foundation demonstrates its commitment to preventing such cases.Before the companies agreed on the trademark issue, sources with the knowledge of the trademark negotiations told the media that the talks were actually a lot more complicated than either party originally expected. This was especially the case with regards to the mutual ability to veto the trademark usage.And while the branding issue seems trivial to many observers, this process took months and actually became a bellwether of the privacy coin and its decentralized aspirations. As ECC announced this Thursday, this is “a novel agreement for which there appears to be no precedent.”Also, the Zcash price relaxes and ZEC continues to be under the bear radar. This is a situation that we have been seeing since July. The price of this cryptocurrency was mostly in the lower range, suggesting that there is not much hope for the coin in the short-term outlook.
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Zcash News

Zcash Trademark Negotiations Were Quite Painful: Analyst

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The Electric Coin Company (ECC), known as the firm led by the Zcash creator Zooko Wilcox, has been hosting the Zcash trademark event with the Zcash Foundation (ZF) participating as well as other industry figures this Wednesday.Even though many expected the talks to be smooth, sources with the knowledge of the trademark negotiations told the media that the talks were actually a lot more complicated than either party originally expected. This was especially the case with the regards to the mutual ability to veto the trademark usage.And while the branding issue seems trivial to many observers, this process took months and actually became a bellwether of the privacy coin and its decentralized aspirations. As ECC announced this Thursday, this is "a novel agreement for which there appears to be no precedent."The organization spoke about the Zcash trademark event and highlighted one provision in particular, which states:
“No party has independent authority to declare that a specific chain of Zcash can actually be called Zcash. There must be agreement from both parties, and neither party can unilaterally override the will of the community.”
Wilcox is in the Zcash news today for telling the media last week that the Zcash trademark negotiations were emotionally painful for him. As he described, they were compared to "watching a baby bird leave its nest."
“As a person, I am devoted to zcash and can never stop working for zcash and all that it means for humanity,” he said. “As the ECC, of course, we can only work for the community if they hire us to do so.”
Ever since the ECC startup started the launch of the Zcash (ZEC) privacy coin in 2016, Wilcox has been the de facto public face of the cryptocurrency. That is why he believes that the trademark agreement is a sign of the project and how it is "rapidly moving to a status" where he does not have the power to "make something happen or stop it from happening."All in all, Wilcox is a wealthy man who benefied from the Zcash founders' reward which delegates a portion of the newly mined coins to the founding team. However, he said that he is all-in with the money he earned.
“I’ve pledged half of all the money I expect to see in the world to fund the foundation,” Wilcox said and agreed that it requires a great deal of risk and faith in the community for a project like Zcash to succeed.
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Zcash News

Zcash Price Relaxes, Now Fluctuating And Trading Around $33

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The Zcash price relaxes today in the latest cryptocurrency news. The altcoin which was also in the focus of the news had a good start to the year and had even noticeably peaked in the month of June.Still, a bearish turn in the cryptocurrency market in July reversed the good fortune. Currently, the price of ZEC is on a continual downswing once again. The one-day price chart of ZCash on October 24 shows that the Zcash price relaxes and is now fluctuating but still trading in the range from $32.48 to $33.26.As we can see from the latest Zcash news, the ZEC price has mostly been below the baseline. The trading price of Zcash was $32.89 yesterday. However, the bear pressure which is in full swing triggered the price to fall marginally by 1.53% and 2.38% respectively, going to $33.25.Today, Dogecoin also remains at the same area. As the current Dogecoin news and chart updates show, DOGE is trading at $0.002568 with a similar momentum like ZEC.However, the Zcash price relaxes and ZEC continues to be under the bear radar. This is a situation that we have been seeing since July. The price of this cryptocurrency was mostly in the lower range, suggesting that there is not much hope for the coin in the short-term outlook.As the altcoin market continues to be volatile and the cryptocurrencies are barely in the green, the lost momentum shows that it will be difficult to retrace to the prices as seen before. In the news is the billionaire Bitcoin bull and investor Michael Novogratz, who advised that BTC could also retrace to $6,500 if the momentum continues.So, the general advice on current investors is that as the Zcash price relaxes, there could be another drop. This is why they should add on to their holdings as the price of the coin is still low. Short term investors and day traders, however, are advised to continue their investing with a cautious look on the daily prices.Meanwhile, the best performers today are XRP which managed to retrace by 3.39% and is now at $0.2821 as well as Binance Coin (BNB) which is trading at $17.28 following a run of around 4%. The Bitcoin Cash (BCH) cryptocurrency also rose to $218.78 and surprisingly for many, Bitcoin SV (BSV) continued its rise with a shocking 15.58% increase on the day - visiting a new price of $114.55. 
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Monero News

German Finance Ministry: Criminal Use Of Monero And Zcash Is Rising

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The German finance ministry is in the Zcash news today for stating that the criminal use of Zcash (ZEC) along with the use of Monero (XMR) is rising. In a recent report, the German ministry added that the use of anonymous crypto assets might one day replace the one of Bitcoin on the dark web.The report in which the German finance ministry is featured is highlighting the differences between different crypto assets. While blockchain forensics firms can often link an individual to a Bitcoin wallet, anonymity-preserving protocols limit their efficacy.Focused on money laundering and terrorist financing, the report is titled "The First National Risk Analysis" and was published by Germany's Federal Ministry of Finance on October 11. The ministry started assessing the existing and future risks that could contribute to the proliferation of such financial crimes in December 2017.Around 35 other federal and state authorities joined the German finance ministry in its research. The analysis that they carried out identifies the use of crypto assets as a potential risk factor for the future. However, it also makes a clear distinction between pseudo-anonymous cryptos such as Bitcoin and privacy-oriented coins such as Monero and Zcash.The Monero news also show that the German finance ministry thinks that the risk posed by anonymous cryptocurrencies is far greater than the one of the likes of Bitcoin. Their anonymous nature is what makes policing criminal acts associated with their use much tougher. Therefore, criminals may start using Monero (XMR) and Zcash (ZEC) more frequently.The ministry also observed the use on the dark web or as a method of financing terrorism and how it still remains low. However, the popularity for these anonymous cryptocurrencies is definitely growing.In the full report, the German finance ministry also states that there is not much evidence of any cryptocurrency being used in connection with terrorist financing in Germany. However, the ministry claims to have identified its use in relation to occasional groups of religious extremists and the far-right.What's also interesting is their stance on cash. As the ministry said:
“The use of cash, in contrast to the use of pseudonymous crypto assets, leaves no traceable footprint and is easy to handle, so it can be assumed that, for example, the transfer of funds in the field of ​​terrorism financing alongside hawala and money transfer service providers currently continues mainly via cash couriers.”
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