Zipcoin, an Ethereum-based privacy project, announced its shutdown on October 22, 2026, after a second security breach in less than a week compromised its entire codebase. On October 15, an incident linked to UNCX drained 1.1% of the ZC supply, or roughly 11 million tokens, which the team later quietly bought back. ZC fell 84% in one day, just weeks after launch and after reaching a peak market capitalization of approximately $40 million. The team still controls 2.2% of the supply, about 22 million tokens, and plans to sell those holdings after a short exit window for existing holders. Inspired by the fictional currency in Snowmoon, Vitalik Buterin’s novel, Zipcoin offered shielded transfers and a mechanism for burning tokens to publish permanent messages on the blockchain.
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