Zcash NU7 Goes Live, Cutting Block Times to 25 Seconds

Zcash activated its NU7 network upgrade on mainnet at block height 3,543,405, cutting the target block interval from 75 seconds to 25 seconds. Block subsidies shrink by the same factor and halving intervals triple, keeping new ZEC issuance essentially flat and preserving the 21 million supply cap.

NU7 also switches on the Network Sustainability Mechanism, which pulls 60% of every block's transaction fees out of circulation into a public reserve while miners keep the other 40%. Those stored fees will flow back through block rewards starting at block 8,939,664, a point expected to arrive in 2031.

Shielded Labs, the independent group behind the mechanism, said it tackles the Bitcoin-style riddle of funding security as block rewards dwindle without breaching the supply cap. The release marks its first major mainnet deployment, and node operators had to upgrade beforehand to stay on the consensus chain.

The upgrade also rejects version 4 transactions, the only format able to spend from the original Sprout pool, freezing roughly 12,224 ZEC still parked there at activation. Zcash slid 5.17% to about $1,254.7 amid a wider rout that dragged the GMCI 30 index down 6.9%.

Greece Passes 10% Crypto Gains Tax, 15% on Staking

Greece's parliament passed a crypto tax law imposing 10% on annual net gains above €500 ($557), with the rules applying from January 1, 2027. Income from staking, crypto lending and DeFi liquidity provision will be classed as interest and taxed separately at a higher 15% rate.

Crossing the €500 threshold taxes the entire gain, so €600 in profits triggers a €60 bill, while qualifying losses can be carried forward for five years. Parliament's Scientific Service warned the broad wording could still capture crypto-to-crypto swaps, despite the government's stated plan to exempt them.

Gnosis Pay Breach Exposes Data, Contained Within Two Hours

Gnosis Pay disclosed a data breach after detecting unauthorized access on November 3 to the legacy system behind its branded debit cards, exposing certain customer information. The company said it contained the intrusion within two hours and patched the flaw, with customer funds and its white-label platform untouched.

3D Secure verification is now mandatory for online card payments until the affected system retires on December 20. The incident extends a run of crypto card lapses, including Based's dashboard breach on October 5 and an August flaw in Rain's Solana infrastructure that drained Tria and Avici balances.

Binance to Close EU Accounts, Charging 0.025% Monthly Fees

Binance urged some European users to withdraw their crypto before monthly fees begin on November 29, with affected accounts set to close on December 31. Users in France, Spain, Italy and Poland report receiving notices, as the exchange still lacks the MiCA license required to serve EU customers.

Leftover balances will be charged 0.025% a month or 10 USDC, whichever is higher, with accounts holding less than the fee wiped entirely. Binance withdrew its Greek MiCA application in June and has yet to name another member state, while deposits are blocked but withdrawals remain open.

Data of the Day

Cathie Wood's Ark Invest bought 17,806 Coinbase shares worth $2.44 million through its Ark Innovation ETF, while selling $2.27 million of Bullish and $2.28 million of Bitmine. The trades landed as Coinbase sank 9.69% to $136.82, Bullish fell 10.46% and Bitmine slumped 12.56% in a broad tech rout.

The Nasdaq closed down 5.52%, its worst day since April 2025, while Nvidia dropped 9.26% and AMD plunged 17.26% on fears of slower AI development. Ark leaned in anyway, adding $45.9 million of Nvidia, $19.8 million of AMD and $48.7 million of SpaceX as bitcoin sank near $75,908.

More Breaking News

• Vitalik Buterin urged valuing ETH as a store of value rather than a fee-burning token, noting burns fell from 1.48 million ETH in 2022 to 19,200 this year.
• Crypto liquidations topped $1.27 billion in 24 hours, with $1.1 billion of them bullish bets, while spot bitcoin ETFs recorded $430.2 million in net outflows as selling deepened.
• A former FBI agent pleaded guilty to stealing $2.47 million in crypto from 79 wallets tied to 35 investigations, after asking ChatGPT about buying a Portuguese vineyard estate.
• Apple and Meta joined OKXICE objectors, meaning all Magnificent Seven companies have now opted out of the tokenized stock venue as the objection list reached 67 firms.
• The Labor Department sent a rule to the White House for review opening 401(k) retirement plans to alternative assets including crypto, advancing President Trump's executive order.
• Treasury moved to cut MEXC off from US finance, accusing the top-20 exchange of facilitating $16 billion in illicit transactions tied to Iran, North Korea and Russia.
• Nigeria's central bank rolled out stablecoin licensing rules that ban algorithmic tokens, require approval for every token issued and give existing operators 180 days to apply.
• The US sanctioned 45 more targets tied to Cambodia's Prince Group, including offshore firms and an executive's wife, as it seeks forfeiture of about $14 billion in bitcoin.
• Ethereum developers delayed the Hoodi fork of the Glamsterdam upgrade until smart contract risks tied to gas pricing changes in EIP-8037 and EIP-8038 are fully resolved.