A Lightning Strike That Cast a Permanent Shadow
The launch of Zcash (ZEC) in October 2016 was a landmark event for the crypto industry. For Shenyu, co-founder of Cobo Wallet, however, it remains a haunting memory that has shaped his investment decisions for years.
The Bizarre Incident on Launch Night
As the privacy-focused cryptocurrency went live, Shenyu, like many early miners, had his GPU mining rigs ready to compete for the first blocks. Shortly after mining commenced, an unforeseeable disaster struck.
“That night, the transformer at our mining farm was directly hit by lightning,” Shenyu recalled on social media. The natural disaster caused immediate and total paralysis of the mining operation, wiping out any anticipated rewards.
The Compounding Factors
The lightning strike wasn't the only blow. Shenyu noted that BitMEX, a major trading platform at the time, had set a hard price cap of 10 BTC for ZEC futures. This artificially imposed ceiling, combined with the freak natural event, created immense uncertainty right at the project's inception.
The confluence of technological and natural risks left a deep psychological impact. Shenyu admitted that he developed a “genuine shadow” regarding ZEC from that moment.
The Lasting Impact
The effects were profound and absolute. Shenyu stated clearly that since that night, he has never held any ZEC in his personal wallet. For a veteran who has weathered multiple industry cycles, such complete avoidance of a specific asset due to a single event is noteworthy.
This story serves as a reminder to participants in the crypto space: beyond volatile prices and complex tech risks, the market sometimes faces utterly uncontrollable “black swan” events. The hardware risks of early mining, the fragility of infrastructure, and exchange policies can collectively shape a project's early trajectory and even alter an investor's long-term preferences.