Cypherpunk’s downturn marked a sudden blow to the Winklevoss twins’ crypto empire, which centers around exchange Gemini. GEMI shares fell 4.4% to $4.41 amid signs of broader pressure for U.S. stocks, with the Nasdaq on pace to slide more than 2%.
The privacy coin changed hands around $329, a 37% decrease over the past day, according to CoinGecko. It had previously hit a multi-year high of nearly $700 in November.
That was the same month that Cypherpunk, formerly known as Leap Therapeutics, announced that Winklevoss Capital had led a nearly $59 million private placement in the firm. Since then, the company has bought 314,185 Zcash worth $102 million.
In January, Shielded Labs unveiled that it had received $1.2 million worth of Zcash, representing a second donation from the Winklevoss twins. In an accompanying statement, Cameron said, “We believe strong privacy is an essential property of sound money.”
Cypherpunk, meanwhile, made its case in response to similar doubt.
Decrypt has reached out to Cypherpunk for comment.
