Zcash will activate the NU7 network upgrade tomorrow: freezing approximately 16 million dollars worth of ZEC in the privacy pool Sprout

According to CoinDesk, Zcash holders need to transfer approximately 16 million dollars from the oldest privacy pool Sprout before the NU7 network upgrade. This upgrade is expected to activate around 10:30 AM Beijing time on November 6 (Friday) (9:30 PM Eastern Time on Thursday), at which point these tokens will be unusable even if valid private keys are held.

As of Thursday morning, there were still about 12,226 ZEC in the Sprout pool, valued at approximately 16 million dollars based on a price of 1,300 dollars per coin. NU7 plans to activate at block 3543405, which will reject version 4 transactions, the only transaction format that can spend Sprout tokens. ZIP 2003 retains the possibility of restoring access through future upgrades but warns that the withdrawal feature may never be re-enabled. NU7 will also reduce the target block time from 75 seconds to 25 seconds.