zkSNARKs Raises $17M Amid NFT Utility Concerns

zkSNARKs, a Zcash (ZEC)-based NFT project, has raised around $17 million (approximately 236 billion KRW), but concerns have been raised regarding the distribution of funds and planned features. During the same period, North Korea-linked hacking group WaterPlum was reported to have stolen virtual assets from over 7,000 wallets across more than 100 countries, while U.S. digital asset regulation debates continued.

The project allocated 8,000 NFTs at 1.5 ZEC each through an open auction, receiving 16,971 bids totaling 25,305 ZEC. Unsuccessful bidders are set to receive refunds. The project outlined plans for privacy-focused digital identities, community access rights, and governance features. NFTs are non-fungible tokens that assign unique identifiers to individual digital assets.

On-chain analyst ZachXBT claimed on September 19 that the project raised 'eight-figure funds' but lacks practical utility, noting it secured about $2,000 in issuance costs for 10% of total supply and royalties. The project has not provided counterarguments, and no legal or fraudulent activity has been confirmed based on currently available information.

WaterPlum's attack method was disclosed by the FBI and Japanese police, revealing that the group infected over 30,000 devices across more than 100 countries from December 2025 to July 2026, stealing assets or account details from over 7,000 wallets. Attackers impersonated AI, digital asset, and NFT companies to target developers, using fake interviews and coding tests to distribute malicious files, with stolen assets totaling $10.71 million (approximately 149 billion KRW).

Michael Saylor of Strategy highlighted on September 19 that the focus should be on expanding user access and product development under supportive rules from SEC, CFTC, Treasury, and banking regulators rather than additional restrictions in the CLARITY Act compromise. He argued that limitations on payment stablecoin holdings and regional bank deposit transfers could stifle competition and innovation.

The CLARITY Act aims to regulate digital asset issuance and trading while clarifying jurisdiction between SEC and CFTC. Saylor's comments reflect industry perspective rather than a definitive stance on the bill's outcome. The three issues—project fund transparency, security threats via recruitment scams, and regulatory priorities—are distinct, with each event having its own metrics that cannot be used to assess other events' impacts.