Blockchain analysis has identified Zcash (ZEC) transfers associated with two reported thefts, tracing specific movements of funds without showing how frequently thieves use the privacy-focused network.
Bitquery traced 4,546 ZEC connected to the Oct. 9 CryptoBilis-related theft into Zcash. The analytics firm estimated the theft at $102 million across 335 wallets.
Some of the funds remained in the shielded pool when Bitquery’s review ended at 10:40 a.m. ET (14:40 UTC) Oct. 16. The firm said patterns in later movements suggested a possible connection to the attacker, but Zcash’s privacy features prevented it from confirming the link.
A separate trail followed the Sept. 24 theft from a Bitget hot wallet. Investigator ZachXBT estimated about 18,900 ZEC, worth $28.3 million, had been stolen. On Sept. 30, he said suspected attackers had begun shielding about 2,700 ZEC, then worth about $3.8 million.
CoinDesk identified three Sept. 30 deposits to Zcash’s Ironwood pool totaling 2,746 ZEC, made between 4:15 and 4:46 a.m. ET (8:15 and 8:46 a.m. UTC). The outlet valued them at about $3.9 million, or roughly 15% of the ZEC stolen in the breach.
Zcash supports both transparent and shielded transactions. The project’s materials say shielded transfers hide addresses and transaction amounts, while activity involving transparent addresses can be viewed publicly.
CoinGape reported that Gemini co-founder Tyler Winklevoss described Zcash adoption as early after his brother Cameron asked TOKEN2049 attendees whether they held ZEC. The outlet put the number of people indicating they held ZEC at roughly 10, from an audience it described as numbering in the thousands. TOKEN2049 confirmed the brothers appeared on a Zcash panel Oct. 7, but its event post did not give an audience count.
Winklevoss Asset Services filed a preliminary registration statement with the SEC on Oct. 6 for a proposed Zcash exchange-traded product. The filing proposes a Nasdaq listing under ticker WINK and names Gemini Trust Company as custodian; shares cannot be sold until the registration statement takes effect.
