CoinDesk
Wallets linked to Bitget’s $387.5 million hack moved 2,746 ZEC, worth about $3.9 million, into Zcash’s Ironwood shielded pool in three transfers Wednesday. The deposits represent about 15% of the ZEC stolen in the Sept. 24 breach. Blockchain investigator ZachXBT said the funds passed through two intermediary addresses funded by a wallet Bitget identified as belonging to the attacker.
Why it matters
Zcash supports both public and private payments. Investigators can observe how much enters a shielded pool, but transfers inside it conceal senders, recipients and amounts. That makes it harder to connect stolen coins to a later withdrawal, although timing and transaction values may still offer clues when funds return to public addresses.
The move contrasts with other proceeds traced through cross-chain swaps. CoinDesk previously traced about $6.3 million in ether-to-bitcoin swaps through THORChain from an attacker-linked wallet; those swaps left public records of the incoming ether and outgoing bitcoin.
Market impact
The transfers put a portion of the stolen ZEC behind Zcash’s privacy features, raising the tracing challenge as Bitget works to recover funds. The available details do not establish whether the deposits will be followed by withdrawals or further movements. Investigators may still be able to track activity if the coins return to public addresses.
Frequently asked questions
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How much of the stolen ZEC entered Zcash’s Ironwood pool?
The three deposits totaled 2,746 ZEC, worth about $3.9 million, or roughly 15% of the ZEC stolen in the Bitget breach.
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What does Zcash’s Ironwood shielded pool conceal?
Transfers inside the pool hide the sender, recipient and amount. Investigators can still see how much enters the pool.
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Can investigators still track funds after they enter the shielded pool?
Tracing becomes harder, but timing and transaction values may offer clues if funds later return to public addresses.
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How were the ZEC deposits linked to the Bitget hack?
ZachXBT said the funds passed through two intermediary addresses funded by a wallet Bitget identified as belonging to the attacker.
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How did these ZEC transfers differ from the reported cross-chain swaps?
The shielded pool conceals details of transfers made inside it. About $6.3 million in ether-to-bitcoin swaps through THORChain left public records of the incoming ether and outgoing bitcoin.
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