It was a critical Zcash Orchard shielded-pool bug: in the worst case it could have allowed undetectable counterfeit ZEC inside the private pool. It was reportedly found on May 29, privately disclosed, and patched within days via emergency coordination; there’s no confirmed evidence of exploitation, no confirmed user fund loss, but the market sold off hard because privacy means you can’t fully prove the bug was never abused before the fix.

Sources:
⦁ Arthur Hayes on exiting ZEC after the Orchard exploit disclosure
⦁ Community summary of the Orchard bug, disclosure timing, soft fork, and no detected unauthorized value creation

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