$116M in ZEC liquidations shows the disclosure hit levered tourists first, but the harder overhang is 4.2M ZEC sitting in Orchard without a retroactive cryptographic clean bill. The BTC 184B overflow analogy buys Cypherpunk some narrative cover only if Zcash ships the trust rebuild: a new pool, turnstile migration, formal specs for Halo2/Orchard, and clean wallet UX. Buying toward 5% into that mess makes CYPH a public-market bet that privacy users will accept temporary uncertainty if the protocol becomes the first major ZK system to harden itself for AI-assisted audits.

Top comment by @Benthic