Zama CEO: This is the worst bear market in crypto history

Rand Hindi, CEO of the Ethereum-based privacy protocol Zama, has described the current downturn as the worst bear market in the history of cryptocurrency. In a post on X, Hindi, who has been in the market since 2013, stated that this decline has been the most challenging. He argued that previous crises—such as China's ban on Bitcoin, the collapses of FTX and Luna, the Mt. Gox incident, and actions by former U.S. SEC Chairman Gary Gensler—were not as disheartening as the current situation where AI can attack smart contracts with simple commands. He added that those who survive this market will become invincible and will lead the emergence of trillion-dollar protocols. Hindi also suggested that the current conditions are perfect for a large-scale sell-off, citing a combination of a liquidity shift from the SpaceX IPO, Bitcoin sales by Strategy founder Michael Saylor, and hacks on AI-based protocols.