Arthur Hayes, co-founder of BitMEX, has urged Zcash (ZEC) holders to move their tokens from centralized exchanges to self-custodial wallets with shielded addresses. This advice, given on November 12, 2025, comes amid increased regulatory scrutiny of privacy coins, leading to significant ZEC withdrawals from exchanges. The move has impacted liquidity and caused price volatility. Hayes highlighted the importance of privacy and reiterated ZEC's role in his asset portfolio. Despite market fluctuations, analysts have noted the technical resilience of the Zcash network.