{"id":29783,"date":"2026-05-26T15:00:00","date_gmt":"2026-05-26T14:00:00","guid":{"rendered":"https:\/\/investx.fr\/en\/?p=29783"},"modified":"2026-05-26T15:41:43","modified_gmt":"2026-05-26T14:41:43","slug":"zcash-arkham-privacy-risk","status":"publish","type":"post","link":"https:\/\/investx.fr\/en\/crypto-news\/zcash-arkham-privacy-risk\/","title":{"rendered":"Zcash tracked by Arkham: Is privacy at risk?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"arkham-intelligence-what-they-discovered\">Arkham Intelligence: What They Discovered<\/h2>\n\n\n\n<p>The blockchain intelligence firm has published an <strong>exhaustive analysis of the <a href=\"https:\/\/investx.fr\/en\/crypto-investing\/buy\/zcash\/\">Zcash<\/a> network<\/strong>, leveraging address clustering tools and data from centralized exchanges. The outcome is unforgiving for the project&#8217;s reputation.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">How to Track ZCash Transactions<br><br>Zcash is a privacy-focused cryptocurrency built on Bitcoin\u2019s codebase, using zk-SNARKs to hide transaction data on-chain.<br><br>Our research team wrote a guide on how Zcash works, why most ZEC activity is still traceable, and how to track it with\u2026 <a href=\"https:\/\/t.co\/87kLo2I0mC\">pic.twitter.com\/87kLo2I0mC<\/a><\/p>&mdash; Arkham (@arkham) <a href=\"https:\/\/twitter.com\/arkham\/status\/2058787129749065977?ref_src=twsrc%5Etfw\">May 25, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Indeed, Arkham successfully <strong>labeled 53% of all Zcash transactions<\/strong>, 48% of network inflows and outflows, and <strong>37% of on-chain balances<\/strong>, amounting to roughly <strong>$2.5 billion identified<\/strong> among current holders. These figures, which Arkham themselves described as &#8220;remarkable for a chain explicitly designed to mask transactional data,&#8221; serve as an unprecedented public demonstration of a reality many suspected but dared not articulate: for <strong>the majority of users, Zcash does not truly protect privacy.<\/strong><\/p>\n\n\n\n<p>The fundamental nuance that Arkham is careful to highlight is that Zcash&#8217;s underlying cryptography, the <strong>zk-SNARKs<\/strong>, has not been broken. It remains mathematically sound. The issue is of a completely different nature, and this is precisely what makes the findings more dangerous in the long run.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"understanding-the-dual-nature-of-zcash-t-addresses-vs-z-addresses\">Understanding the Dual Nature of Zcash: t-addresses vs z-addresses<\/h2>\n\n\n\n<p>To grasp why Arkham was able to achieve this, one must understand the network&#8217;s dual architecture. Zcash distinguishes between <strong>two fundamentally different types of addresses<\/strong>, generating four possible transaction types.<\/p>\n\n\n\n<p><strong>Transparent addresses (t-addresses)<\/strong> function exactly like Bitcoin addresses: the sender, the recipient, and the amount are entirely visible on the blockchain without any privacy layer. <strong>Shielded addresses (z-addresses)<\/strong> place funds into an encrypted pool where zk-SNARKs allow the validity of a transaction to be verified without revealing its contents.<\/p>\n\n\n\n<p>The interaction between these two address types creates <strong>four configurations.<\/strong> <strong>t\u2192t<\/strong> transactions are completely transparent, identical to Bitcoin. t<strong>\u2192z<\/strong> transactions reveal the amount entering the shielded pool but hide the recipient. <strong>z\u2192t<\/strong> transactions reveal the recipient and the amount but mask the origin. Only <strong>z\u2192z<\/strong> transactions are entirely private. Arkham confirms that the latter <strong>remain opaque<\/strong>, simply labeled &#8220;<strong>SHIELDED<\/strong>&#8221; on their platform with no possibility of attribution.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Encrypted \u2260 anonymous. <br><br>Zcash\u2019s optional privacy and heavy t&lt;-&gt;z use leak flows, unique amounts\/timing and miner\/founder patterns crush effective anonymity. Without Tor\/mixnets you\u2019re exposed, hop to a bridge\/CEX and the trail lights up again. <a href=\"https:\/\/t.co\/zAvtcE1luA\">https:\/\/t.co\/zAvtcE1luA<\/a><\/p>&mdash; Ansem (@blknoiz06) <a href=\"https:\/\/twitter.com\/blknoiz06\/status\/1980002784024944862?ref_src=twsrc%5Etfw\">October 19, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The problem is that the majority of actual volume flows <strong>through t-addresses<\/strong>. Exchanges, custodians, and institutions systematically favor transparent addresses for regulatory compliance reasons, <strong>primarily KYC and AML<\/strong>. The entry and exit points of the shielded pool thus become obvious vectors for analysis: even if the inside of the pool is opaque, the borders are not.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"concrete-cases-illustrating-the-problem\">Concrete Cases Illustrating the Problem<\/h2>\n\n\n\n<p>Arkham has documented examples that speak for themselves. The most symbolic case involves the US government holding a Zcash wallet on Arkham&#8217;s platform containing ZEC seized from Alexandre Cazes, the founder of AlphaBay, which was one of the most active darknet marketplaces. This wallet is visible in real time. The most active state in global financial surveillance <strong>holds, identifies, and tracks a &#8220;privacy coin&#8221; in real time<\/strong>, despite its core promise of invisibility.<\/p>\n\n\n\n<p>Another documented case involves a trader who bought $4.49 million worth of ZEC during a market crash and transferred the funds to Gemini five weeks later after securing a <strong>$6.6 million profit.<\/strong> The entire history is traceable on Arkham through the transparent addresses involved in the operation.<\/p>\n\n\n\n<p>These examples illustrate the same reality: Zcash&#8217;s privacy is not a default guarantee, it is an active choice. The reality is that almost all users do not make this research effort. Many buy Zcash on centralized exchanges for the privacy narrative. This makes no sense since the ZEC token is <strong>traceable<\/strong> when purchased on a CEX.<\/p>\n\n\n\n<p>This is the fundamental lesson of Arkham&#8217;s research, formulated in their own conclusion: &#8220;how you use Zcash determines how private you really are.&#8221;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"489\" src=\"https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/5\/2026\/05\/26151750\/Capture-decran-2026-05-26-a-10.05.24-1024x489-1.png\" alt=\"Number of shielded ZEC tokens in yellow columns\" class=\"wp-image-29781\" srcset=\"https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/5\/2026\/05\/26151750\/Capture-decran-2026-05-26-a-10.05.24-1024x489-1.png 1024w, https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/5\/2026\/05\/26151750\/Capture-decran-2026-05-26-a-10.05.24-1024x489-1-300x143.png 300w, https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/5\/2026\/05\/26151750\/Capture-decran-2026-05-26-a-10.05.24-1024x489-1-768x367.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The shielded pool currently represents about <strong>20% to 30% of the circulating supply<\/strong>, showing a slight increase thanks to wallets like Zodl that enable shielded transactions by default. Indeed, the progress made since 2024 is worth highlighting.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"what-zcash-needs-to-resolve\">What Zcash Needs to Resolve\u00a0<\/h2>\n\n\n\n<p>The stakes are clear. On a technical level, the priority is to massively increase the adoption of <strong>z\u2192z transactions<\/strong> by making them the default for all users, <strong>just as Monero enforced from its inception.<\/strong> Unified Addresses represent a step in this direction, facilitating the use of shielded addresses without adding friction for the user.<\/p>\n\n\n\n<p>Regarding anonymity, the challenge is one of scale: the more the percentage of purely shielded transactions increases, the more each individual transaction disappears into the crowd. At a 20% to 30% shielded pool, the <strong>anonymity set remains too limited to offer serious protection<\/strong> against sophisticated adversaries like blockchain intelligence firms.<\/p>\n\n\n\n<p>The underlying question raised by Arkham&#8217;s research goes beyond Zcash. It questions the very viability of the optional privacy model in an ecosystem where regulatory obligations systematically push toward transparency. A network where privacy is a choice that the majority of participants do not exercise is, in practice, not a confidential network.<\/p>\n\n\n\n<p><strong>Sources:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/bitcoinist.com\/420-billion-in-zcash-tracked-by-arkham-is-this-end\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bitcoinist<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/blockworks.com\/analytics\/zcash\/zcash-overview\/zcash-shielded-supply-2\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Blockworks<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/x.com\/arkham\/status\/2058787129749065977\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Arkham Intelligence<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/x.com\/blknoiz06\/status\/1980002784024944862\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Ansem<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>Related Articles:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/investx.fr\/en\/crypto-news\/usa-iran-bitcoin-impact\/\">USA-Iran agreement: Everything you need to know and the impact on Bitcoin<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investx.fr\/en\/crypto-news\/bitcoin-etf-outflows-analysis\/\">Bitcoin ETF outflows: Analysis of the $1.257 billion drop<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investx.fr\/en\/crypto-news\/hype-600m-unlock-june-6\/\">HYPE&#8217;s $600M unlock on June 6th: Will it crash to $49?<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Arkham Intelligence&#8217;s research traced over half of all Zcash transactions. Discover the implications for ZEC privacy and security. Read now!<\/p>\n","protected":false},"author":32,"featured_media":29782,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"Zcash privacy","_yoast_wpseo_title":"Zcash privacy under threat? Arkham's tracking analysis","_yoast_wpseo_metadesc":"Arkham Intelligence's research traced over half of all Zcash transactions. Discover the implications for ZEC privacy and security. Read now!","footnotes":"","faq_titre":"","questions_frequentes":"","custom_permalink":"crypto-news\/zcash-arkham-privacy-risk"},"categories":[11,10],"tags":[],"class_list":["post-29783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","category-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zcash privacy under threat? Arkham&#039;s tracking analysis<\/title>\n<meta name=\"description\" content=\"Arkham Intelligence&#039;s research traced over half of all Zcash transactions. Discover the implications for ZEC privacy and security. 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Je suis \u00e9galement form\u00e9 au trading et \u00e0 l\u2019analyse technique depuis plus d\u2019un an sur le march\u00e9 des cryptomonnaies, mais \u00e9galement sur le forex et les m\u00e9taux pr\u00e9cieux comme l\u2019or ou le silver. J\u2019ai obtenu un dipl\u00f4me de la Crypto Academy sur les fondamentaux techniques du Bitcoin et poss\u00e8de une exp\u00e9rience de plus de 5 ans dans le journalisme et l\u2019\u00e9criture d\u2019articles p\u00e9dagogiques. J\u2019ai notamment \u00e9crit de nombreuses masterclass pour \u00e9duquer les nouveaux venus dans l'industrie et plus de 10 000 articles et news.J\u2019ai \u00e9galement pu interviewer de nombreux fondateurs et cr\u00e9ateurs de projets dans la crypto comme Marc Lebreton (chef marketing de la blockchain SUI), EJ Ayala (Coinbase US et Draftkings), et d\u2019autres projets comme Polyhedra (Eric Vreeland), Usual (Adli Takkal Bataille), ou encore Humanity Protocol (Jade Gu). J\u2019ai plong\u00e9 dans la cryptomonnaie il y a plus de 3 ans et continue de mettre tout en \u0153uvre pour fournir du contenu de qualit\u00e9, avec de l\u2019expertise et la neutralit\u00e9 attendue d\u2019un journaliste. Retrouvez moi aussi sur X pour des analyses et sur Linkedin pour me contacter.","sameAs":["https:\/\/www.linkedin.com\/in\/charles-ledoux-508392239\/","https:\/\/x.com\/charl3li"],"url":"https:\/\/investx.fr\/en\/author\/charles-ledoux\/"}]}},"_links":{"self":[{"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/posts\/29783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/comments?post=29783"}],"version-history":[{"count":1,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/posts\/29783\/revisions"}],"predecessor-version":[{"id":29787,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/posts\/29783\/revisions\/29787"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/media\/29782"}],"wp:attachment":[{"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/media?parent=29783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/categories?post=29783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investx.fr\/en\/wp-json\/wp\/v2\/tags?post=29783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}