Zcash Short Position Plunges as $22 Million Paper Loss Hits Hyperliquid

A substantial short position in Zcash (ZEC) on the platform Hyperliquid has incurred a significant paper loss of over $22 million. Trader’s attempts to avoid liquidation by depositing an additional $5 million in margin highlight the precarious situation. This event raises concerns about potential ripples across related cryptocurrency markets, particularly in ZEC-related trading and market sentiment.