{"id":120732,"date":"2026-05-26T13:30:00","date_gmt":"2026-05-26T12:30:00","guid":{"rendered":"https:\/\/investx.fr\/pt\/?p=120732"},"modified":"2026-05-26T16:20:28","modified_gmt":"2026-05-26T15:20:28","slug":"zcash-rastreavel-privacidade-risco","status":"publish","type":"post","link":"https:\/\/investx.fr\/pt\/noticias-cripto\/zcash-rastreavel-privacidade-risco\/","title":{"rendered":"Zcash rastre\u00e1vel: A privacidade em risco? An\u00e1lise da Arkham intelligence"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"arkham-intelligence-o-que-eles-descobriram\">Arkham Intelligence: O que eles descobriram<\/h2>\n\n\n\n<p>A empresa especializada em intelig\u00eancia blockchain publicou uma <strong>an\u00e1lise exaustiva da rede <a href=\"https:\/\/investx.fr\/pt\/investir-criptomoedas\/comprar\/zcash\/\">Zcash<\/a><\/strong>, recorrendo a ferramentas de agrupamento de endere\u00e7os (clustering) e a dados provenientes de exchanges centralizadas. O balan\u00e7o \u00e9 implac\u00e1vel para a imagem do projeto.<\/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>De facto, a Arkham conseguiu <strong>rotular 53% de todas as transa\u00e7\u00f5es de Zcash<\/strong>, 48% das entradas e sa\u00eddas da rede e <strong>37% dos saldos on-chain<\/strong>, o que equivale a cerca de <strong>2,5 mil milh\u00f5es de d\u00f3lares identificados<\/strong> entre os atuais detentores. Estes n\u00fameros, qualificados pela pr\u00f3pria Arkham como &#8220;not\u00e1veis para uma blockchain explicitamente concebida para ocultar dados transacionais&#8221;, representam uma demonstra\u00e7\u00e3o p\u00fablica e in\u00e9dita de uma realidade que muitos j\u00e1 pressentiam sem ousar formular: para <strong>a maioria dos utilizadores, a Zcash n\u00e3o protege verdadeiramente.<\/strong><\/p>\n\n\n\n<p>A nuance fundamental que a Arkham faz quest\u00e3o de sublinhar \u00e9 que a criptografia subjacente da Zcash, os <strong>zk-SNARKs<\/strong>, n\u00e3o foi quebrada. Continua a ser matematicamente s\u00f3lida. O problema \u00e9 de uma natureza completamente diferente, e \u00e9 precisamente isso que torna as conclus\u00f5es mais perigosas a longo prazo.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"compreender-a-dupla-face-da-zcash-t-addresses-vs-z-addresses\">Compreender a dupla face da Zcash: t-addresses vs z-addresses<\/h2>\n\n\n\n<p>Para perceber como a Arkham conseguiu este feito, \u00e9 necess\u00e1rio compreender a arquitetura dupla da rede. A Zcash distingue <strong>dois tipos de endere\u00e7os<\/strong> fundamentalmente diferentes, gerando quatro tipos de transa\u00e7\u00f5es poss\u00edveis.<\/p>\n\n\n\n<p>Os <strong>endere\u00e7os transparentes (t-addresses)<\/strong> funcionam exatamente como os endere\u00e7os de Bitcoin: o remetente, o destinat\u00e1rio e o montante s\u00e3o totalmente vis\u00edveis na blockchain, sem qualquer camada de privacidade. Os <strong>endere\u00e7os protegidos (z-addresses)<\/strong> colocam os fundos numa pool encriptada onde os zk-SNARKs permitem verificar a validade de uma transa\u00e7\u00e3o sem revelar o seu conte\u00fado.<\/p>\n\n\n\n<p>Da intera\u00e7\u00e3o entre estes dois tipos de endere\u00e7os nascem <strong>quatro configura\u00e7\u00f5es.<\/strong> As transa\u00e7\u00f5es <strong>t\u2192t<\/strong> s\u00e3o totalmente transparentes, id\u00eanticas \u00e0 Bitcoin. As transa\u00e7\u00f5es <strong>t\u2192z<\/strong> tornam vis\u00edvel o montante que entra na pool protegida, mas ocultam o destinat\u00e1rio. As transa\u00e7\u00f5es <strong>z\u2192t<\/strong> tornam vis\u00edvel o destinat\u00e1rio e o montante, mas ocultam a origem. Apenas as transa\u00e7\u00f5es <strong>z\u2192z<\/strong> s\u00e3o totalmente privadas. E a Arkham confirma que estas \u00faltimas <strong>permanecem opacas<\/strong>, sendo rotuladas simplesmente como &#8220;<strong>SHIELDED<\/strong>&#8221; na sua plataforma, sem possibilidade de atribui\u00e7\u00e3o.<\/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>O problema \u00e9 que a maioria do volume real passa <strong>por t-addresses<\/strong>. As exchanges, os servi\u00e7os de cust\u00f3dia e as institui\u00e7\u00f5es privilegiam sistematicamente os endere\u00e7os transparentes por raz\u00f5es de conformidade regulamentar, <strong>com o KYC e o AML \u00e0 cabe\u00e7a<\/strong>. Os pontos de entrada e sa\u00edda da pool protegida tornam-se, assim, vetores de an\u00e1lise evidentes: mesmo que o interior da pool seja opaco, as fronteiras n\u00e3o o s\u00e3o.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"casos-concretos-que-ilustram-o-problema\">Casos concretos que ilustram o problema<\/h2>\n\n\n\n<p>A Arkham documentou exemplos que falam por si. O mais simb\u00f3lico: o governo norte-americano det\u00e9m uma wallet de Zcash na plataforma da Arkham, contendo ZEC apreendidos a Alexandre Cazes, fundador do AlphaBay, que era um dos mercados mais ativos da darknet. Esta wallet \u00e9 vis\u00edvel em tempo real. O Estado mais ativo em mat\u00e9ria de vigil\u00e2ncia financeira mundial <strong>det\u00e9m, identifica e segue em tempo real uma &#8220;privacy coin&#8221;<\/strong> cuja promessa era a invisibilidade.<\/p>\n\n\n\n<p>Outro caso documentado: um trader comprou 4,49 milh\u00f5es de d\u00f3lares em ZEC durante um crash do mercado e transferiu os seus fundos para a Gemini cinco semanas depois, ap\u00f3s uma mais-valia de <strong>6,6 milh\u00f5es de d\u00f3lares.<\/strong> Todo o hist\u00f3rico \u00e9 rastre\u00e1vel na Arkham atrav\u00e9s dos endere\u00e7os transparentes envolvidos na opera\u00e7\u00e3o.<\/p>\n\n\n\n<p>Estes exemplos ilustram a mesma realidade: a privacidade da Zcash n\u00e3o \u00e9 uma garantia por defeito, \u00e9 uma escolha ativa. E a verdade \u00e9 que a quase totalidade dos utilizadores n\u00e3o faz esse esfor\u00e7o de pesquisa. Muitos compram Zcash numa exchange centralizada devido \u00e0 narrativa da privacidade. O que n\u00e3o faz qualquer sentido, na medida em que o token ZEC \u00e9 <strong>rastre\u00e1vel<\/strong> quando se compra ZEC numa CEX.<\/p>\n\n\n\n<p>Esta \u00e9 a li\u00e7\u00e3o fundamental da investiga\u00e7\u00e3o da Arkham, formulada na sua pr\u00f3pria conclus\u00e3o: &#8220;a forma como utiliza a Zcash determina o qu\u00e3o privado \u00e9 realmente.&#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\/2\/2026\/05\/26151909\/Capture-decran-2026-05-26-a-10.05.24-1024x489-1.png\" alt=\"N\u00fameros de tokens ZEC protegidos em colunas amarelas\" class=\"wp-image-120730\" srcset=\"https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/2\/2026\/05\/26151909\/Capture-decran-2026-05-26-a-10.05.24-1024x489-1.png 1024w, https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/2\/2026\/05\/26151909\/Capture-decran-2026-05-26-a-10.05.24-1024x489-1-300x143.png 300w, https:\/\/media.investx.fr\/wp-content\/uploads\/sites\/2\/2026\/05\/26151909\/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>A pool protegida representa hoje cerca de <strong>20 a 30% da oferta em circula\u00e7\u00e3o<\/strong>, registando uma ligeira subida gra\u00e7as a wallets como a Zodl, que ativam a funcionalidade shielded por defeito. De facto, a progress\u00e3o desde 2024 \u00e9 de salientar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"o-que-a-zcash-precisa-de-resolver\">O que a Zcash precisa de resolver\u00a0<\/h2>\n\n\n\n<p>Os desafios s\u00e3o claros. A n\u00edvel t\u00e9cnico, a prioridade \u00e9 aumentar massivamente a ado\u00e7\u00e3o das <strong>transa\u00e7\u00f5es z\u2192z<\/strong>, tornando-as a op\u00e7\u00e3o por defeito para todos os utilizadores, <strong>tal como a Monero imp\u00f4s desde a sua conce\u00e7\u00e3o.<\/strong> Os Unified Addresses representam um progresso nesta dire\u00e7\u00e3o, facilitando a utiliza\u00e7\u00e3o de endere\u00e7os protegidos sem atrito adicional para o utilizador.<\/p>\n\n\n\n<p>No que diz respeito ao anonimato, o desafio \u00e9 de escala: quanto mais a percentagem de transa\u00e7\u00f5es puramente shielded aumenta, mais cada transa\u00e7\u00e3o individual desaparece na multid\u00e3o. Com 20 a 30% de pool protegida, o <strong>anonymity set continua a ser demasiado limitado para oferecer uma prote\u00e7\u00e3o s\u00e9ria<\/strong> contra advers\u00e1rios sofisticados como as empresas de intelig\u00eancia blockchain.<\/p>\n\n\n\n<p>A quest\u00e3o de fundo levantada pela investiga\u00e7\u00e3o da Arkham vai al\u00e9m da Zcash. Questiona a pr\u00f3pria viabilidade do modelo de privacidade opcional num ecossistema onde as obriga\u00e7\u00f5es regulamentares empurram sistematicamente para a transpar\u00eancia. Uma rede onde a privacy \u00e9 uma escolha que a maioria dos intervenientes n\u00e3o exerce n\u00e3o \u00e9, na pr\u00e1tica, uma rede confidencial.<\/p>\n\n\n\n<p><strong>Fontes:<\/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>Artigos Relacionados:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/investx.fr\/pt\/noticias-cripto\/acordo-eua-irao-impacto-bitcoin\/\">Acordo EUA-Ir\u00e3o: O que precisa saber e o impacto no Bitcoin<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investx.fr\/pt\/noticias-cripto\/etf-bitcoin-saidas-analise\/\">ETF Bitcoin: Sa\u00eddas de $1,257 mil milh\u00f5es \u2013 At\u00e9 onde pode cair?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/investx.fr\/pt\/noticias-cripto\/near-protocol-preco-dispara-analise\/\">NEAR Protocol: A explos\u00e3o de pre\u00e7o e as raz\u00f5es por detr\u00e1s do aumento<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>A Arkham Intelligence revelou dados sobre a rastreabilidade do Zcash. Descubra os riscos para a privacidade e o impacto nas transa\u00e7\u00f5es ZEC.<\/p>\n","protected":false},"author":32,"featured_media":120731,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"Zcash privacidade","_yoast_wpseo_title":"Zcash rastre\u00e1vel: Privacidade amea\u00e7ada? An\u00e1lise Arkham","_yoast_wpseo_metadesc":"A Arkham Intelligence revelou dados sobre a rastreabilidade do Zcash. Descubra os riscos para a privacidade e o impacto nas transa\u00e7\u00f5es ZEC.","footnotes":"","faq_titre":"","questions_frequentes":"","custom_permalink":"noticias-cripto\/zcash-rastreavel-privacidade-risco"},"categories":[44,6],"tags":[],"class_list":["post-120732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","category-noticias-cripto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zcash rastre\u00e1vel: Privacidade amea\u00e7ada? An\u00e1lise Arkham<\/title>\n<meta name=\"description\" content=\"A Arkham Intelligence revelou dados sobre a rastreabilidade do Zcash. 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