PANews, June 30: According to The Block, Zcash’s new nonprofit organization, Sovright, has released the wallet recovery tool Argos to assist early Zcash users whose funds became inaccessible due to the discontinuation of ZEC Wallet Lite in 2022—provided they still have their old wallet mnemonic phrases. Michelle Lai, Executive Chair of Sovright and a long-time community member, noted that those affected are primarily early and long-term ZEC holders who used specific shielded addresses, with losses estimated to be “substantial.” Sovright stated that such long-standing unresolved issues are among the “roadblocks” it prioritizes addressing, and has already launched the Sovright Mining Pool on testnet to help decentralize Zcash’s currently highly concentrated mining power.
Zcash Nonprofit Sovright Launches ZEC Wallet Recovery Tool Argos
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Summary
The Zcash nonprofit Sovright has launched a ZEC wallet recovery tool called Argos, aimed at early users who lost access to their funds due to the 2022 shutdown of ZEC Wallet Lite. The tool is functional for users who still possess their original mnemonics. Sovright Executive Chair Michelle Lai stated that the affected users are primarily long-term ZEC holders using shielded addresses, with losses described as "significant." The group has also initiated a testnet mining pool to reduce Zcash’s centralized hash rate. This development is part of the latest crypto news and may influence new token listings.
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