$ZBAG

The mechanic

How the bag fills

One moving part, run by the launchpad rather than by anyone here. There is no treasury wallet, no multisig, no button that sends anything anywhere.

01

Somebody trades

Every transfer pays a 3% tax, written into the Token-2022 mint itself and applied by the token program on every transfer. StonkFun sets the rate once, permanently, when the coin launches. It is not adjusted per trade, it is not toggled by anyone here, and it cannot be raised later.

Every transfer means every transfer, including the one where you sell. Buying and later selling pays the tax twice, so a round trip costs you roughly 6% before you account for price, spread or slippage. Work that into whatever you are imagining.
02

The pot accumulates in the pair

The withheld tax collects in a StonkFun-controlled pot, denominated in the asset the coin is paired against. Here that asset is tokenized CYPH. Nobody behind this site holds the keys to that pot, and the balance is on-chain for anyone to check.
03

Out the door, pro rata

Once the pot is worth distributing, StonkFun splits it across holders in proportion to what they hold. It is pushed straight out, so there is no claim page, no wallet connection and no signature from you.

What nobody is promising you

Distribution is the intent, not a guarantee. How much reaches any wallet depends on trading activity and on what the pot is holding, and both of those can be zero. Nothing here is a promise of profit, a fixed rate, or a schedule anyone is contractually bound to. The mechanic belongs to StonkFun, a third party, and this project does not control its timing, size, continuation or availability.

No claim site. Ever. Anything asking you to connect a wallet to claim $ZBAG rewards is a drainer, without exception.

Why this is funny

A completely transparent token that pays you in the most private asset in crypto, wrapped in a Nasdaq ticker.

Everyone can see your $ZBAG balance forever, because it lives on Solana. What accumulates in the bag is exposure to a company built entirely around the one chain where nobody can see anything. Which is funny, and it is why the picture up there is a bag you cannot see into.

The pair

What CYPH actually is

CYPH is a real company on the Nasdaq. It used to be a biotech called Leap Therapeutics until Tyler Winklevoss put money in, and now it buys Zcash and mines it.

Figures below were reported as of the dates shown and are not updated live. Every one of them is sourced in the resources section. Cypherpunk Technologies is not affiliated with this project and has not endorsed it.

323,394

ZEC held · August 2026

Roughly 1.92% of circulating supply. The stated goal is at least 5%.

18%

Of Zcash network hashrate

Cypherpunk Mining runs about 4.2 GSol/s of Equihash across the US, built through a $33.33 million equity deal with Winklevoss Capital.

CYPH

Nasdaq · tokenized on Solana

Issued through Backpack Securities and listed via Sunrise, trading 24/7 on Raydium and redeemable one for one for real shares.

Why this pair and not a stock nobody cares about

Because it closes the loop. The bag has a Zcash mark on it, and the thing filling the bag is a company that buys Zcash and helps secure the network. Nothing else on the board lines the artwork up with the thing actually backing it.

What that means for you, concretely

Whatever reaches your wallet arrives as a tokenized share of a small-cap company whose balance sheet is one volatile crypto asset. That cuts both ways against being paid in a memecoin, and none of it makes this safe. Read the risks below before anything else.

Read this part

The risks, stated plainly

This section is longer than the marketing on purpose. If any of it surprises you later, that is a failure of this page.

Before anything else: you may not be eligible for the payout

The thing that accumulates and gets distributed is a tokenized share, and tokenized equity is not open to everyone everywhere. Offerings in this category commonly exclude United States persons, and several exclude Canada, the United Kingdom and other jurisdictions, because of how the shares are issued and who is allowed to hold them.

Whether you can hold a tokenized share, and whether you can ever redeem it for the real one, is decided by the issuer and by where you live. It is not decided by this site and not by the launchpad.
Redemption generally means becoming a customer of the issuer, which generally means identity checks and an eligibility screen you might not pass.
If you cannot redeem, the token is worth whatever somebody else will pay for it, which is not the same thing as the share price.

Check the issuer's own terms for your country before you buy, not after a distribution lands. Nobody here can make you eligible, appeal on your behalf, or get you out of a position you should not have taken.

The coin can go to zero

Most community tokens do. $ZBAG has no revenue, no product and no floor. Treat the entire amount as spent the moment you buy.

The pair is one small-cap stock

Its value moves like a leveraged bet on one crypto asset. It fell roughly 37% in a day in June 2026 alongside Zcash, and reported a $77.2 million loss for the first quarter of that year on the drawdown. It has also traded under a dollar, and Nasdaq has a minimum bid price rule about that.

Tokenized equity adds issuer and custodian risk

A tokenized share is a claim on whoever is holding the real one. So you are trusting the issuer and the custodian to stay solvent and to honour a redemption, on top of the ordinary market risk. Whether you are even allowed to redeem can depend on where you live.

Zcash itself has had serious bugs

In June 2026 Shielded Labs disclosed a counterfeiting flaw in Orchard, the shielded pool, that nobody had noticed for about four years. An emergency fix shipped. Nobody could promise it had never been exploited. This is the second such flaw found in Zcash's proof machinery.

StonkFun runs the mechanic, not us

StonkFun operates the tax and the distributions. They can change, pause or stop. No distribution of any size, on any schedule, is guaranteed or owed to anyone. Nobody here can make one happen.

The rules are unsettled

Nobody has settled how tokenized equities get treated, or how a distribution paid in one gets taxed, and it differs by country. Nothing here is investment, legal or tax advice.

Infrastructure fails

Smart contracts, launchpads, bridges and DEX routers can be exploited or simply break. Solana has had outages. None of this is your bank.

Impostors move faster than you

Fake $ZBAG mints with the identical name and artwork will exist. The mint address at the top of this page is the only thing that identifies the real one. Never take one from a direct message.

You pay the tax on the way out as well

The transfer tax is charged on every transfer, not just the buy. A round trip pays it twice, so you start underwater by roughly double the headline rate before price movement enters into it.

You may not be able to sell when you want to

Liquidity in a small pool is thin and can leave. A quoted price is not a price you can get for your size, and in a fast move there may be nobody on the other side at any price you would accept.

The first minutes are the worst minutes

Launches get sniped by bots that buy in the same block the pool opens and sell into whoever arrives next. Nobody here controls that, nobody can stop it, and being early is not the same as being ahead.

Not every wallet and venue handles this token type

Token-2022 transfer-fee tokens are a newer standard. Most Solana wallets and aggregators handle them, some older tooling and some centralised exchanges do not, and a venue that mishandles the fee can make a transfer fail or arrive short.

None of this has been audited

No security audit, no legal opinion, no review of any kind has been commissioned for this coin or this site. The launchpad's contracts are the launchpad's business, and we have not inspected them.

Nobody here is identified

The people behind this are not named and take nothing from it. That cuts both ways: there is no allocation to dump on you, and there is also nobody accountable, nobody to sue, no support desk and no obligation to keep this site online.

The numbers on this page go stale

Treasury holdings, hashrate and anything about CYPH were accurate on the date shown beside them and are not updated live. Company facts change, and so does the law. Check the primary sources in the resources section before relying on any of it.

No milestones, no targets, no projections, no reason to expect a profit. Buy this because you find it funny, in an amount you would be genuinely fine setting on fire.

Explainer

Zero knowledge, for your parents

If a company's entire balance sheet is Zcash, it is worth ten minutes understanding what Zcash does. Zero knowledge proof sounds like a physics problem. It is closer to a card trick, and once you see the trick you can explain it at dinner in under a minute.

The one sentence version

A way to prove something is true without showing the thing that makes it true.

You prove you are over 21 without showing your birthday. You prove you have the money without showing the balance. You prove the payment is valid without showing who paid, who got paid, or how much. That last one is Zcash.

Analogy 01

Where's Waldo

You say you found Waldo. Your friend does not believe you. So you take a huge sheet of cardboard, cut a small hole in it, lay it over the book and line up the hole with Waldo. Your friend sees Waldo. Your friend has no idea where on the page he is, because they cannot see the page. Proved, without revealing.

Analogy 02

The colourblind friend

You hand a colourblind friend two balls, one red and one green, which look identical to them. They hide both behind their back, bring one out, then either swap it or not, and ask if it changed. You are right every single time. After twenty rounds they are certain the balls differ, and they still have no idea which is which.

Analogy 03

The forked cave

A cave forks into two passages that meet at a locked door deep inside. You claim you have the key. Your friend waits at the entrance, you walk in, then they shout which side they want you to come out of. If you really have the key you always come out correctly. If you are bluffing you have to guess.

Chance a bluffer got this far by luck

100%

Rounds passed: 0

Each round the verifier picks a side at random. A bluffer guesses right half the time, so the chance they survive halves with every round: 50, 25, 12.5, and so on. After twenty rounds it is under one in a million, and the verifier still never learned the key. Real systems do the equivalent of hundreds of rounds at once, in one proof, in milliseconds.

Completeness

If the statement is true and you are honest, the proof always passes. No false alarms.

Soundness

If the statement is false, no amount of cleverness gets you a passing proof. That is the halving above, run far enough that lying stops being a strategy. When it breaks, you get the June 2026 Orchard bug.

Zero knowledge

The verifier finishes knowing exactly one new thing: that the statement is true. Nothing about how, nothing about the secret.

So what is a SNARK

A zk-SNARK is the compressed version of that cave game. Succinct means the proof is tiny and checking it is fast, no matter how complicated the claim is. Non-interactive means the prover does not need the verifier in the room: they post one proof and anyone, forever after, can check it alone. That is what makes it work on a blockchain, where the verifier is thousands of strangers who show up at different times.

In Zcash the claim being proved is roughly: these coins exist, I am allowed to spend them, I have not spent them before, and the amounts balance. The proof is posted. The sender, the receiver and the amount are not.

History

The lore

Zcash has the strangest origin story in the industry and almost nobody holding exposure to it knows any of it. There is a blowtorch in a clear-cut in British Columbia. There is Edward Snowden under a fake name. It is all documented.

2013

Zerocoin

Matthew Green, Ian Miers, Christina Garman and Aviel Rubin publish a scheme for adding anonymous coins to Bitcoin. It works on paper and is far too heavy to use. Bitcoin says no.

2014

Zerocash

The follow-up paper, with Eli Ben-Sasson, Alessandro Chiesa, Eran Tromer and Madars Virza added, replaces the heavy machinery with zk-SNARKs. The proofs get small enough to put in a transaction, and a whole new chain becomes the obvious move.

October 2016

The Ceremony

To generate the parameters the proof system needs, someone has to create a secret and then destroy it. If any copy survives, the holder can counterfeit coins forever and nobody could ever tell. They called the leftover secret the toxic waste. The fix was to split the job across six people on three continents, so the system stays safe as long as one of them genuinely destroyed their piece.

October 2016

Peter Todd drives into the woods

One participant flew to Vancouver, bought a brand new laptop, physically removed its wifi and Bluetooth before ever powering it on, built a Faraday cage out of aluminium foil and cardboard, and drove hundreds of kilometres north through the emptiest part of British Columbia so anyone following him would be obvious. He ran two GoPros the whole time. Then he pulled into a clear-cut, took the laptop apart, and burned the components in a metal pan with a propane torch while wearing a respirator.

28 October 2016

Launch, and the silliest price in crypto history

Zcash launched with a deliberate slow start: the block reward ramped up from nearly nothing over the first weeks, so on day one almost no ZEC existed. A tiny number of coins met enormous demand and the print was absurd, peaking near 5,900 dollars a coin on 29 October. It is still the all-time high, and it was essentially a rounding error trading against itself.

March 2018

The bug nobody knew about

Cryptographer Ariel Gabizon, then at the Zcash Company, found a flaw in the paper describing the original proof system, the night before he was due to give a talk about it. It would have let an attacker mint counterfeit shielded coins undetectably. It was reported the same day, then deliberately kept quiet while a fix was built, because announcing it would have handed the attack to everybody. Sapling shipped the fix in October 2018 and the disclosure came in February 2019, months after the danger had passed.

April 2022

John Dobbertin was Edward Snowden

One of the six ceremony participants had only ever been known by a pseudonym. Six years later, Zcash Media released a video in which Snowden confirmed he was the one. He took no payment and asked that it be made clear he participated out of public interest, because he saw serious academic cryptographers working on it and thought the project was worth protecting.

2022 onward

No more ceremonies

The NU5 upgrade brought Orchard, built on Halo 2, a proof system that needs no trusted setup at all. The toxic waste problem that produced the whole strange ritual stopped existing. The blowtorch was, in the end, a one-off.

June 2026

Orchard, caught again

Shielded Labs disclosed a counterfeiting vulnerability in Orchard that had sat undetected for roughly four years, found by an AI-assisted audit. An emergency fix went out, but the disclosure could not guarantee the flaw had never been exploited. ZEC fell hard, and CYPH, whose balance sheet is ZEC, fell about 37% in a day. If you read one thing on this page before buying, make it this.

2026

Where it is now

The Ironwood upgrade in July 2026 added a new shielded pool with quantum-recoverable notes and supply-verification work aimed squarely at counterfeit detection. The Zakura toolkit in August cut mobile proving from seconds to a fraction of one. Shielded Assets, which would let anyone issue a token inside the private pool, still runs only on a testnet.

If anyone can recover data off these RAM chips, I'll be very impressed.

Peter Todd, on the charred remains of the laptop he used for his part of the 2016 Zcash trusted setup ceremony, which he kept as evidence.