Lookonchain traced a roughly $3.73 million conversion into Zcash (ZEC) on Hyperliquid using Ether (ETH) from Tornado Cash, the blockchain tracker reported Nov. 8.
The activity spanned 20 hours. Lookonchain counted 1,670 ETH sold and 2,959 ZEC acquired during that period. Lookonchain put both the ETH sold and the ZEC bought at roughly $3.73 million; those values alone show no gain or loss.
Tornado Cash obscures the link between funds entering the protocol and funds later leaving it. Lookonchain’s report identified Hyperliquid as the venue for the ETH sale and ZEC purchase.
